We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • A chart that I don't check as frequently as most majors, indices and the like, $NZDCAD is leaning on some big support https://t.co/bJrEQp5QGt
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 85.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KnXJPN0iq9
  • RT @carlquintanilla: NEW: “The United States is set to ramp up the pressure on China if a trade deal is not agreed soon, a key White House…
  • #Oil started this week with a bang after a number a disruption of production in Saudi Arabia following this weekend’s drone attacks.. Get your crude oil #technicalanalysis from @JStanleyFX here: https://t.co/uAw5kJTrfO #OOTT https://t.co/JGydFfVPNK
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.07% Silver: 0.51% Gold: 0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/97pkfcSFUv
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.40% 🇨🇦CAD: 0.26% 🇬🇧GBP: 0.04% 🇳🇿NZD: -0.32% 🇦🇺AUD: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3SiM0s7ywI
  • Canadian #Dollar Price Chart: $USDCAD Range, #Loonie Breakout Potential - Weekly - https://t.co/yRqgctahvk https://t.co/fWbboNCEHs
  • Join @JStanleyFX 's weekly #webinar on trading price action at 1:00 PM ET/5:00 PM GMT. Register here: https://t.co/hSLfMqTx3G https://t.co/01pPGTCkyx
  • Update on #Cryptocurrencies #BITCOIN -3.06% #BITCOINCASH -4.12% #ETHEREUM +0.07% #RIPPLE -5.65% #LITECOIN -4.71%
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.41% Wall Street: 0.34% Germany 30: 0.07% France 40: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/emW4e8iBEr
ETH/USD Price Analysis: Ethereum Rebounds from Multi-month Lows

ETH/USD Price Analysis: Ethereum Rebounds from Multi-month Lows

2018-06-14 18:35:00
Michael Boutros, Technical Strategist
Share:

Ethereum prices are up more than 15% off the June low with the advance now approaching multi-month slope resistance. The near-term technical outlook leaves room for further advances but ultimately a breach above the monthly open would be needed to suggest a larger turn is underway. Here are the key levels that matter for ETH/USD.

New to Trading? Get started with this Free Beginners Guide

Ethereum Daily Price Chart (ETH/USD - Log)

ETH/USD Daily Price Chart - Ethereum log-scale

Notes: Ethereum prices turned just ahead of confluence support this week at 437 where the 61.8% extension of the May decline converges on trendline support extending off the September low. Price has continued to trade within the confines of a descending pitchfork formation extending off the February high with the 50-line further highlighting this support zone.

Initial resistance stands at 556 and is backed closely by 577/87 where the monthly open and the 200-day moving average converging on the upper parallel- a breach there is needed to suggest a more significant low is in. Note the pending resistance trigger on the daily RSI profile.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: We’re looking for resistance just higher on this rebound with the broader risk weighted to the downside while below the monthly open.

Ethereum IG Client Positioning (ETH/USD)

Ether IG Trader Sentiment - ETH/USD
  • A summary of IG Client Sentiment shows traders are net-long ETH/USD- the ratio stands at +11.52 (92.0% of traders are long) – bearish reading
  • Long positions are 0.9% higher than yesterday and 2.7% higher from last week
  • Short positions are 6.9% lower than yesterday and 4.3% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Ether prices may continue to fall. Yet traders are more net-long than yesterday but less net-long from last week andthe combination of current positioning and recent changes gives us a further mixed Ether trading bias from a sentiment standpoint.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Other Setups in Play:

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.