Ethereum (ETH) Closes Last Hour Up $0.53; Pin Bar Pattern Appearing on Chart, Moves Down For the 3rd Day In A Row, in an Uptrend Over Past 14 Days

The Hourly View for ETH

Last Updated October 16, 2020, 11:16 GMT

Currently, ETH’s price is up $0.53 (0.15%) from the hour prior. The hourly chart shows that ETH has seen 2 straight up hours. 3 Price action traders may also wish to note that we see a doji candlestick pattern on ETH. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Ethereum Daily Price Recap

Ethereum is down 0.32% ($1.22) since the day prior, marking the 3rd day in a row a decline has happened. The price move occurred on volume that was up 5.4% from the day prior, but down 10.22% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 4th since the day prior in terms of percentage price change. Here is a daily price chart of Ethereum.

Ethereum Technical Analysis

Notably, Ethereum is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that Ethereum’s price has gone up 6 of the previous 10 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From TheCryptoLark:

    Investors are currently buying #Apple valued at 2.1 trillion, and yields only 0.68% dividend. Yet some think that investors won’t buy #Ethereum which could yield 5% and only has a market cap of 43 billion! $eth will go insane over the next few years.

  • From ricburton:

    6 years ago I sat in a hacker house in San Francisco and listened to @gavofyork talk about how the big tech companies had way too much power and how blockchains like @ethereum could help swing the pendulum back towards the people.Today it feels like absolutely everyone agrees.

  • From Chloethedev:

    Imma publicly state this now… Because I know it’s gonna happen muhahhaha 🥰💞. I’m excited about @NEARProtocol (yes, mostly because of @mintbase), but there’s also some other cool stuff I’ve been learning about it along the way and gosh, Ethereum has been tough to play with.

In terms of news links for Ethereum here’s one to try:

Breitling Goes Live With Ethereum-Based System to Put All New Watches on the Blockchain – CoinDesk

So it’s not surprising that when it comes to stamping provenance on luxury items, Arianee is not alone.  Back in March of last year luxury brand conglomerate LVMH, owner of the Louis Vuitton label, said it was preparing to launch a blockchain-based authenticity system (code-named AURA)….But we would certainly be interested in speaking with them about ways to merge the projects or at least find ways to make them interoperable.” Sign up for our newsletter By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.