[Technical Analysis] ETH/USD Market October 14, 2023

wahyunahrul (70)Private First Classin Account Booster 👍 • last year

Hey Guys..!!

Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, Happy reading!!

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Ethereum (ETH) Analysis

Today, October 14, 2023, I will try to technically analyze the price movement of Ethereum.

SOURCE: TradingView

If we look at the price movement of ETH in general, we can see that ETH is in an intense bearish phase. We see it in the movement of the candlesticks in the chart above where if we look closely the candlesticks tend to move downwards.

SOURCE: TradingView

The chart above shows that the current bearish trend in the ETH/USD market will continue for the next few days because the UNI price has broken through the Support Level.

SOURCE: TradingView

This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.

SOURCE: TradingView

Further confirmation was also given by the ADX indicator with the presence of a cross between the two DI lines where the DI- the line moved above the DI+ line.

SOURCE: TradingView

The RSI indicator gives the opposite signal. This indicator shows stretching of the RSI line away from the lower band, which indicates that there will be a change in the direction of the trend to Bullish in the future.

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Disclaimer:

This analysis is not an invitation to buy or sell any asset, it is just a short analysis intended for learning. Remember! don't use the analysis I did as a benchmark in investing or trading, always do your analysis and research before making any decisions.

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#cryptocurrency #eth #ethereum #technical-analysis #chart