ETHEUR climbs to highest close since June 9, 2018
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETHEUR ended Sunday at 472.34 gaining €7.14 (1.53%) on high volume. Today's close at 472.34 marks the highest recorded closing price since June 9, 2018. Trading up to €14.29 lower after the open, ETH managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 3rd, ETHEUR gained 4.00% on the following trading day. Closing above Saturday's high at 465.52, ETH/EUR confirmed its breakout through the prior session high after trading up to €18.00 above it intraday.
Daily Candlestick Chart (ETHEUR as at Nov 22, 2020):
Sunday's trading range has been €32.61 (7.01%), that's far above the last trading month's daily average range of €20.96. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ETHEUR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 391.90.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six 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 49 times, ETHEUR closed higher 55.10% 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 61.22% with an average market move of 16.85%.