based on daily data
200 period moving average: 2,119.46
14 day relative strength index: 61.64
The crypto currency Ethereum is currently trading at 2,313.86 which is 8.40% above its 200 day moving average. Ethereum has finally broken above the upper wedge resistance line at 2150 of the falling wedge pattern which had been forming since the end of May 2021.
This instrument is trading above its daily pivot point of 2,294.05, which is a short term bullish factor. Looking further out, our proprietary medium term trend indicator is bullish. The Directional market index is positive. Significant trend force is detected in this market, therefore opening a position could be justified in the direction of the trend, which points to further upside potential.
Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a
transaction should be based on your own due diligence and not on any representation we make to you.
The Elasticity Toolkit for Metastock was created to obtain maximum gains in both sideways and trending markets with minimum risk. Developed by Timothy Straiton, the system performs with incredible results in almost all equity markets with a daily periodicity. The Elasticity trading system focuses on short-term market fluctuations and takes advantage of deviation or "elasticity" from the mean price. Imagine the action of a rubber band being stretched and at the moment where the expansion loses momentum, a contraction takes place, forcing movement in the opposite direction. The Elasticity trading system signals a trade at the moment the deviation from the mean loses momentum.