#Ethereum price has benefited from the Decentralised Finance (DeFi) boom and the overall weaker US dollar.
Ethereum price has generally been in an uptrend in recent months. This price action has been because of the overall rally in digital currencies.
It has also been helped by the overall shift from proof of work to proof of stake during the ETH 2.0 update.
The ETH is trading at $1,125, which is substantially higher than this week’s low of $925.
Ethereum closed up 38.860 at 1,225.240. Volume was 83% below average (consolidating) and Bollinger Bands were 301% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Summary
Ethereum is currently 162.7% above its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect moderate flows of volume into Ethereum (mildly bullish).
Our trend forecasting oscillators are currently bullish on Ethereum and have had this outlook for the last 30 periods.
Overall, the bias in prices is: Upwards.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles.
During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 white candles.
Three white candles occurred in the last three days.
Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
