Ethereum Technical Analysis January 2019

In this technical analysis of Ethereum January 2019 we present pivot points, technical indicators and analysis with charts based on different indicators. These indicators are dow theory, Bollinger bands and moving average and historical data.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 11.00 47.00 91.50 127.50 172.00 208.00 252.50
Fibonacci 47.00 77.75 96.75 127.50 158.25 177.25 208.00
Camarilla 113.86 121.24 128.62 127.50 143.38 150.76 158.14
Woodie’s 15.24 49.12 95.74 129.62 176.24 210.12 256.74

Technical Indicators

Name Value Action
RSI(14) 44.568 Sell
STOCH(9,6) 9.476 Oversold
STOCHRSI(14) 3.329 Oversold
MACD(12,26) -15.860 Sell
ADX(14) 42.892 Sell
Williams %R -94.755 Oversold
CCI(14) -96.4958 Sell
ATR(14) 278.9715 Less Volatility
Highs/Lows(14) -178.8139 Sell
Ultimate Oscillator 35.924 Sell
ROC -64.533 Sell
Bull/Bear Power(13) -269.5500 Sell

Analysis

Looking at the chart we see that the coin is trading at 155.5USD, looking at the trend we see it is in a uptrend with minor correction, closely looking we see a double top pattern, the price is seen to be in sideways pattern with resistance around $160 and support around $149, which can be used for trading, the trendline is also acting as resistance

Dow Theory

According to Dow Theory the Coin is currently appearing in public participation phase, during this phase, negative sentiment starts to dissipate.This phase tends not only to be the longest lasting, but also the one with the largest price movement. It’s also the phase in which most technical and trend traders start to take long positions, as the new upward primary trend has confirmed itself – a sign these participants have waited for. 

Bollinger Bands

Price is moving between the channels, the Bollinger band after squeezing expanded with positive momentum, indication positive, currently the band is expanding indicating increase in volatility, on short term the price had touched the resistance and is on its ways toward the lower limit with RSI decreasing

Moving Average

Taking 9 period moving (blue) averages with 21 period moving averages (red), Bullish crossover is seen, with price moving above 21 period moving average and below 9 period moving average, once price stars moving above 9 period moving average it will indicate start of upward rally.

Historical Data

Looking at the historical data we see following similar condition the price grew almost 44% after accumulation phase and we might see the same pattern again given the conditions

Conclusion

Looking at the chart we see doubletop pattern with price turning sideways and moving in channel, so this opportunity can be used for swing trading, looking at long term trend we see target is at $179. We also see the formation of cup and handle pattern which is a bullish pattern after which we can expect rise of 60-70%. Before taking fresh long position wait till double top to be broken, short term trend is bearish so we can expect price to fall till $150 where fresh new long positions can be taken.

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