In this episode of NewsBTC’s daily technical analysis videos, we are examining Ethereum due to how boring Bitcoin price action is. This is an update about the most popular altcoin.
Check out the video:
VIDEO: Ethereum price analysis (ETHUSD), October 19, 2022
Neben den Video Highlights listed below, we analyze Ethereum USD using Bollinger Bands (Moving Averages), Ichimoku and other technical tools.
Top Altcoin Tightens Up Ahead Of Huge Move
You might be skeptical about the Bollinger Bands of BTCUSD being tight. Ethereum is available on daily timeframes. Bollinger Band Width only shows this happening twice in the history of volatile altcoins. The first was just before the bear market’s final dip in 2018, and the second was shortly after a rebound from the lows.
The 2018 bear market and the current price action are more in line with the bullish trend, however it’s worth planning for the final downtrend.
Bollinger Bands have some of the most tight ever -- Source: TradingView.com| Source: ETHUSD on TradingView.com
Weekly ETHUSD Signals Could Suggest A Bottom Is In
We can compare the weekly Ichimoku with a little bit of additional information. The cloud turned after the bottom in the bear market. This week’s twist takes place.
It was coincidental that the bottom was already in at the crossing of the 100-week moving median death. This triggers the next week, regardless of Ether’s direction. Unfortunately, the resistance at $1.308 is currently represented by the 200-week moving mean.
Ethereum has one wave left
From a pattern perspective, ETHUSD’s monthly price action may be holding on to a trend line that forms the lower border of a huge rising wedge. If you add Elliott Wave labeling, there’s still room in the wedge to see a wave 5.
Otherwise, it could lead to the pattern’s collapse. What’s the bottom line? Nobody really knows.