Investing.com – The cryptocurrency () recovered some of its initial losses on Monday. According to data from Investing.com, the digital currency was last seen at $3,007.12, down 1.25% in the last 24 hours of trading. Over the past 52 weeks, the cybercurrency has ranged from $1,719.48 to $4,864.13.
The following article discusses technical analysis. Technical analysis, also known as chart analysis, attempts to determine attractive buy or sell times from the price history of the underlying asset – in this case for the cryptocurrency Ethereum (ETH/ USD).
In this chart analysis, the editors of Investing.com use moving averages and technical indicators to assess both the 5-hour and daily charts of the cryptocurrency ETH. These results ultimately lead to an overall technical score for the digital currency.
Ethereum (ETH/USD) on the 5 hour chart
Moving averages: Moving averages smooth out the price, making it easier to see the general direction of the trend in the given time frame.
Regarding the cryptocurrency Ethereum (ETH/USD), five of the moving averages analyzed are “buy” and 7 are “sell”. This gives the digital currency a “Sell” rating.
Technical indicators: Technical indicators focus on analyzing historical price data using mathematical formulas and not on fundamental framework conditions. Technical indicators are used by professional traders to forecast short-term price movements to determine when to buy or sell. Examples of common technical indicators are Relative Strength Index, Stochastic, MACD, ATR, ADX, CCI, ROC Bulls/Bear.
Of the 10 technical indicators analyzed, two point to “buy”, 4 to “neutral” and 4 to “sell”. As a result, Investing.com editors determined a “sell” rating.
By evaluating moving averages and technical indicators, Investing.com achieves an overall score of “Sell” on the 5-hour chart.
Ethereum (ETH/USD) on the daily chart
On the daily chart, two of the observed moving averages point to buying and 10 to selling. This gives the token a “strong sell” rating.
Of the 9 technical indicators analyzed, 1 point to “buy”, 1 to “neutral”, 7 to “sell”. A “strong sell” rating can be derived from this.
By evaluating moving averages and technical indicators, Investing.com arrives at an overall score of “Sell Strong” on the daily chart.
The multi-level analysis process conducted by Investing.com resulted in an overall composite result for the Ethereum (ETH/USD) cryptocurrency of “Sell Strong”.
- Relevant materials: 2,954.52 (S1 daily), 2,919.86 (S2 daily), 2,856.55 (S3 daily)
- Relevant resistances: 3,215.84 (20-day moving average), 3,493.37 (200-day moving average)
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