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ETHUSD forms hammer pattern candle at $94.79 and $85.74 levels that have evidenced the upswings, consequently, the current price takes-off above DMAs, whereas gravestone doji has occurred at peaks of rallies to hamper previous bullish momentum. Recently, the bullish engulfing pattern candle has occurred at $142.15 level, the bearish pattern candle has occurred to counter (refer weekly plotting).
On daily plotting, gravestone doji and hanigng man patterns have popped-up at peaks of rallies to nudge price below DMAs with bearish DMA & MACD crossovers that signal weakness in this pair.
Ethereum (ETH) is currently trading at $118.22 level with a market cap of $12.34 billion. ETH price declined considerably and crossed the $120 mark convincingly to continue the bull run.
Thus, we demonstrate further bullish run for Ethereum in both the timeframes. All the indicators are clearly depicting a bright side for the cryptocurrency as it has moved back to the 2nd position.
The Constantinople mainnet hard fork is scheduled to occur on the Ethereum blockchain. We see relative stability on the network following the “boom” of late 2017 and early 2018. Starting in March 2018, the network stabilized at 50 million ETH transacted per month, and has fluctuated nominally month-to-month since. The number of transactions per month has decreased slightly since Q3, from 20 million per month in July to 16 million per month in November. This event is most likely create some positive speculative momentum for ETH with the implication that a network is ‘improved’ following a planned hard fork.
As the reputed Ethereum developers that’s been scaling the network, up until late 2017, when a decentralized application (dApp) named CryptoKitties and increasing traffic managed to strike a chord in crypto-community. In 2018, the network slowdown is observed.
Currency Strength Index:FxWirePro's hourly BTC -143 (highly bearish), hourly USD spot index has flashed at -55 (which is bearish).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
