ETHEUR rises to highest close since June 9, 2018


Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team

Highlights

ETHEUR soars, gaining €34.72 (8.07%) within a single day on high volume
ETHEUR rises to highest close since June 9, 2018
ETHEUR dominated by bulls lifting the market higher throughout the day
ETHEUR closes higher for the 2nd day in a row
ETHEUR pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, ETHEUR finished Saturday at 465.20 surging €34.72 (8.07%) on high volume. This is the biggest single-day gain in over two months. Today's close at 465.20 marks the highest recorded closing price since June 9, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 439.30, Ethereum confirmed its breakout through the prior session high after trading up to €26.22 above it intraday.

Daily Candlestick Chart (ETHEUR as at Nov 21, 2020):

Daily technical analysis candlestick chart for Ethereum/Euro Index (ETHEUR) as at Nov 21, 2020

Saturday's trading range has been €38.73 (9.0%), that's far above the last trading month's daily average range of €20.41. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ETHEUR.

One bullish candlestick pattern matches today's price action, the White Candle.

Crossing above the upper Bollinger Band for the first time since November 11th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 384.77 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on November 11th, ETHEUR actually lost -0.32% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for ETH/EUR. Out of 48 times, ETHEUR closed higher 54.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.50% with an average market move of 16.85%.


Market Conditions for ETHEUR as at Nov 21, 2020

Loading Market Conditions for ETHEUR (Ethereum/Euro Index)...
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