This is another really short-term price analysis. We’re going to go ahead and take a look at Ethereum’s price action and see what lies ahead in the future.
Ethereum Price Analysis
In the chart above, we can see that the price of Ethereum has soared over the past 3 weeks, appreciating by 97.39% against USD.
The bulk of that price action is due to excitement about the Constantinople hard fork, which will be activated on the chain around the middle of the month (the exact time is contingent upon how quickly blocks are produced on the protocol).
There are also a number of minority forks that will be launching on that day as well. So, many may be buying Ethereum in the hopes of obtaining those hard forked coins. Of course, the anticipation that the price will rise has also led to a steady, major price increase for Ethereum as well.
Another Look at Ethereum’s Price Charts
We’re going to go ahead and stick with the H4 resolution here for our Ethereum price analysis.
Based on a strict analysis of the candle (default) on the chart, there’s nothing that objectively indicates there’s some sort of exhaustion on the part of bulls currently.
So, we’re going to go ahead and check out the RSI(14) to see if that can tell us any more information about what Ethereum may do in the near future.
Relative Strength Index(14) for Ethereum [H4 Resolution]
As stated in the chart above, the RSI(14) for Ethereum on the H4 resolution has been showing a prolonged period of increased momentum readings in accordance with the price gain itself.
It is worth noting that the RSI(14) is fairly close to producing an overbought reading for Ethereum, which signals that the price may be due for a drawdown (of some sort) soon. However, it also indicates that there may be further increases from the point that it is at now.
Exponential Moving Averages
Whenever we see major divergences in price action from its general direction (i.e., downwards in this bear market), we know its good to take a look at exponential moving averages to see what the heck is going on.
Below the price, we have the EMA-12, EMA-26, EMA-50, EMA-100, and EMA-200 all stacked one after the other. This is about as bullish as it gets and it appears that the EMA-12 is providing the first solid support (among EMAs) at $151.
There is no overhead support from an EMA either on the H4 resolution.
Zerononcense Double Guppy
The current period (H4 resolution) is nudging in the reversal zone for the ZN Double Guppy Channels (custom indicator). However, this is no guarantee for reversal and the channels do adjust based on price action. So, the consolidation (when it does happen), could just be a period of sideways movement rather than a major decline in the price.
Zerononcense Reversion Ribbon V2
Over the past few periods, there was heavy buy pressure, followed by a period of consolidation (price moving sideways; red candles).
Now, the ZN Reversion Ribbon V2 is telling us that the price will continue its momentum.
This is simply a look at the H4 resolution for Ethereum. So, please do not extrapolate anything written within to be information for the daily resolutions or higher.
Given the nature of H4 resolutions, we should expect the price prediction to be relatively temporary.