In this episode of NewsBTC’s day by day technical evaluation movies, we’re analyzing Ethereum attributable to how boring Bitcoin value motion is. Here is an replace on the highest ranked altcoin.
Take a take a look at the video under:
VIDEO: Ethereum Price Analysis (ETHUSD): October 19, 2022
In addition to the video highlights listed under the video, we additionally analyze ETHUSD utilizing the Ichimoku, Bollinger Bands, Moving Averages, and different technical instruments.
Top Altcoin Tightens Up Ahead Of Huge Move
If you thought the Bollinger Bands on BTCUSD have been tight, take a look at Ethereum on day by day timeframes. This is extremely uncommon for the unstable altcoin, solely occurring two instances prior to now based on Bollinger Band Width. One time was previous to the ultimate plunge in the course of the 2018 bear market, and the second time was proper earlier than a breakout from the underside lows.
Comparing the 2018 bear market with the present value motion higher aligns with the bullish transfer, however it’s value making ready for a remaining transfer down.
The Bollinger Bands are among the tightest ever | Source: ETHUSD on TradingView.com
Weekly ETHUSD Signals Could Suggest A Bottom Is In
The weekly Ichimoku provides us a bit extra data to check. During the previous bear market, the cloud twisted after the underside was in. That twist of the cloud takes place subsequent week this time round.
Coincidentally, the underside was additionally already in when the 50 and the 100-week transferring common demise crossed. This additionally triggers subsequent week no matter the place Ether goes subsequent. The solely downside is that the 200-week transferring common is posing as resistance at the moment at $1,308.
Does Ethereum Have One Wave Left?
From a sample perspective, ETHUSD month-to-month value motion could possibly be holding onto a development line forming the decrease boundary of a large rising wedge. Adding in potential Elliott Wave labeling, and there’s room within the wedge for a wave 5 to materialize.
If not, the wedge sample could possibly be liable to breaking down. Down to the place? No one actually is aware of.
