ETHUSD closes higher for the 2nd day in a row
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHUSD ended Sunday at 378.44 gaining $9.91 (2.69%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 370.59, ETH confirmed its breakout through the prior session high after trading up to $7.99 above it intraday.
Daily Candlestick Chart (ETHUSD as at Oct 18, 2020):
Sunday's trading range has been $11.01 (2.99%), that's slightly below the last trading month's daily average range of $14.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHUSD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The cryptocurrency managed to close back above the 50-day moving average at 368.73. When this moving average was crossed above the last time on October 11th, ETHUSD gained 3.34% on the following trading day.
Ethereum shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the close-by swing high at 395.22 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 361.57 where further sell stops could get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for ETH/USD. Out of 147 times, ETHUSD closed lower 57.82% of the time on the next trading day after the market condition occurred.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.76% and LTCUSD closing 1.36% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more