ETHUSD dominated by bulls lifting the market higher throughout the day
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, ETHUSD finished Saturday at 387.41 surging $40.60 (11.71%) on high volume. This is the biggest single-day gain in over two years. Today's close at 387.41 marks the highest recorded closing price since August 6, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 349.48, Ether confirmed its breakout through the prior session high after trading up to $43.61 above it intraday.
Daily Candlestick Chart (ETHUSD as at Aug 01, 2020):
Saturday's trading range has been $49.35 (14.23%), that's far above the last trading month's daily average range of $16.20. 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 ETHUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since July 27th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 280.31 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 July 22nd, ETHUSD gained 4.29% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 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/USD. Out of 70 times, ETHUSD closed higher 57.14% 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 61.43% with an average market move of 17.77%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and EOSUSD closing 6.77% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more