Ethereum (ETH) Closes Prior Hour Up 0.05%; in an Uptrend Over Past 90 Days

The Hourly View for ETH

Last Updated December 16, 2020, 05:017 GMT

Currently, ETH’s price is up $0.27 (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on ETH. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on ETH; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum Daily Price Recap

Ethereum entered today at $589.17, up 0.48% ($2.82) from yesterday. The price move occurred on volume that was up 6.32% from the day prior, but down 43.87% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 4th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Ethereum.

Ethereum Technical Analysis

The first thing we should note is that the current price of Ethereum is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.