Tag: ethereum price analysis

This week’s Summary

Over the last week of February 2019, the various Altcoins took a beating, with most of them dipping over the last few days. This is after the week began with bullish momentum before dropping slightly at midweek for cryptos generally. These drops in prices are attributed to price consolidation drives by the various coins. The various coins were coming off a slow bullish rally in which they were unable to break past the previous Resistance zones.

This week, the downward rally continued for most coins. Support zones were tested and breached as well which had an adverse effect on Investor sentiments.

BTC/USD

Bitcoin started off the last week of February 2019 on a bullish trend before nose diving sharply then going up again. In the last few hour however, the largest digital coin by market capitalization has undergone a bearish rally and is now trading at $3698. This is the first time it is trading below the $3700 mark after finding consolidation above the $3500 mark.

Also, the drop in prices throughout the week led to investor sentiments nose diving. At the moment, the RSI (A) is at the ‘oversold’ area signaling the negative investor sentiments in the market.

Prediction

At the moment, the 9 day EMA (B) is facing downwards while the 30 day EMA (C) is above it. This signals a bearish rally in the coming days.

 ETH/USD

Ethereum has gone through the same price pattern as Bitcoin. It began the week on a bullish note and ended on a bearish rally. It has lost by 5.8%. This is after opening the markets at $137 against the current rate of $125. In the markets, the RSI (A) is at the ‘oversold’ area which shows that more and more people are looking to dispose of their holdings to avoid loss.

Prediction

Throughout the week, the 30 day Moving Average (C) was dominantly above the 9 day EMA (B). At the moment, the 9 day EMA is facing downwards, forming a reverse contracting triangular pattern with the former EMA. This signals a bearish run in the coming days.

LTC/USD

The LTC/USD pair brushed off the bearish rally that befell other cryptos to register an uptrend of 1%. It began the week trading at $45.3 and is now at $45.9. This upward movement pushed investor sentiments upwards as can be seen in the RSI (A) before it dipped with a dip in prices.

Forecast

The bullish momentum in the markets pushed the previous support level from $43 to $44 while Resistance was tested and breached severally.

At the moment, however, the 30 day EMA (B) has crossed above the 9 day EMA (C) which signals a drop in prices in the near future.

Summary

Throughout this past week, there has been a stellar performance for the various cryptos. This pumped up investor sentiments in the markets with most investors unwilling to sell. The various coins had a high Relative Strength Index (RSI). During the weekend however, a considerable drop occurred which painted the various candlesticks red. Throughout the week, the various coins performed as follows:

Bitcoin (BTC/USD)

On three hour charts, Bitcoin is up by 3% throughout the last week. This is after it began the week selling at $3625 and is now at $3781. Despite a short term bearish outlook, Bitcoin has put up a general bullish momentum over the long term. BTC/USD dropped sharply yesterday, falling from $4132 to $3795. This is perhaps expected considering that the pair tends to perform poorly on weekends.

Once the pair hit the $4000 mark on Saturday, February 24, the RSI (A) shot into the ‘undersold’ area signaling growing optimism in BTC from investors.

Forecast

Throughout the week, the 9 day EMA (B) was above the 30 day EMA (C) apart from over the weekend. The RSI (B) has also dropped significantly. This shows that there may be a bearish outlook in the short term.

Litecoin (LTC/USD)

The LTC/USD pair started off the week selling at $43.43 and is currently at $44.78. This translates to a 2.3% gain in its value. This bullish performance was reflected in the markets where there were reduced sale offs as seen in the RSI (A). The RSI was dominantly in the ‘undersold’ area before it dropped over the weekend.

Forecast

Despite the bullish performance displayed by LTC/USD throughout the week, there seems to be a bearish outlook incoming. The 30 day EMA (B) crossed over the 9 day EMA (C) which shows that the p[rice of LTC may drop in the coming days.

Ethereum (ETH/USD)

Ethereum began the week selling at $132.25 and closed at $137.32. This marks a 4.7% increase in its value. Consequently, investor confidence in Ethereum has maintained with the RSI (C) spending most of the week in the ‘undersold’ area.

Forecast

Throughout the week, the 30 day EMA (A) was tending towards the 9 day EMA (B) in a reverse contracting triangular pattern before crossing over on top. This shows that a bearish outlook is likely in the coming days.

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