ETHUSD to see a sideways movement(4Hr) |Midline support expected

Market in last 24hrs

• ETHUSD saw a downtrend with the price touching the midline Bollinger band
  
• Price volatility was very high. The market moved ~7.57% between $623.22 and $579.35
  

Today’s Trend analysis

• ETHUSD expected to see a sideways movement as the price might observe midline support with Bollinger band squeeze taking place
  
• Price at the time of publishing: $596.14
  
• ETH’s market cap: $67.62 Billion
  
• Oscillator indicators are mostly neutral. RSI at 62
  
• Moving average indicators are suggesting an uptrend. Ichimoku Cloud is neutral
  
• Volume indicators observed an increase in volume with the decline in price while observed a decrease in volume with the price increase
  

Price expected to see a sideways movement as the price might observe midline support with Bollinger band squeeze taking place. Most of the Oscillator indicators are neutral. MACD line crossed below the signal line, with the histogram size increasing in the negative region suggesting bearish bias. RSI at 62, in the neutral region above the midline. CCI with a value of around 38 in the neutral region with a down move. Another interesting point to notice here is that the volume observed an increase in volume with the decline in price while observed a decrease in volume with the price increase indicating strengthening selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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- Mudrex