ETHUSD and LTCUSD Technical Analysis – 27th OCT, 2022
ETHUSD: Inverted Hammer Pattern Above $1254
Ethereum was unable to sustain its bearish momentum and after touching a low of 1254 on 21st Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1593 on 26th Oct after which we can see a shift towards the consolidation phase in the markets.
We can see that the prices of Ethereum are ranging near the support of the triangle in the 15-minute time frame indicating the bullish overtone of the markets.
We can clearly see an inverted hammer pattern above the $1254 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.
ETH is now trading just below its pivot level of 1554 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1568 and Fibonacci resistance levels of 1583 after which the path towards 1600 will get cleared.
The relative strength index is at 75 indicating an overbought market and the shift towards the correction and consolidation phase in the markets.
We can see that the commodity channel index is giving a bullish divergence signal in the 30-minute time frame.
Both the STOCH and Williams percent range are indicating an overbought market, which means that the prices are expected to decline in the short-term range.
Some of the technical indicators are giving a STRONG BUY market signal.
Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $1650 to $1700 in the short-term range.
ETH is now trading above both the 100 & 200 hourly simple and exponential moving averages.
Ether: bullish reversal seen above the $1254 mark
The short-term range appears to be mildly bullish
ETH continues to remain above the $1500 level
The average true range is indicating HIGH market volatility
Ether: Bullish Reversal Seen Above $1254
ETHUSD is now moving into a mildly bullish channel with the price trading above the $1500 handle in the European trading session today.
ETH touched an intraday high of 1583 in the Asian trading session and an intraday low of 1536 in the European trading session today.
The parabolic SAR indicator is giving a bullish reversal signal in the weekly time frame.
Moving average bullish crossovers are seen: AMA20 and AMA50 in the daily timeframe.
We can also see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.
Ethereum’s price continues to move into a bullish zone against the US dollar and is expected to move above the $1600 level.
The daily RSI is printing at 69 indicating a very strong demand for Ether in the long-term range.
The key support levels to watch are $1392 which is a 50% retracement from a 4-week low and 1439 which is a 38.2% retracement from 4-week high.
ETH has increased by 0.74% with a price change of 11.43$ in the past 24hrs and has a trading volume of 26.649 billion USD.
We can see a decrease of 29.89% in the total trading volume in the last 24 hrs which is due to the shift towards the consolidation phase in the markets.
The Week Ahead
After the recent declines, Ethereum’s price is extending upwards correction against the US dollar and bitcoin. We are now looking for a fresh rally into the markets towards the $1800 level.
We can see the formation of a major bullish trend line in place from $1254 towards $1745 level.
The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions.
The price of ETHUSD will need to remain above the important support levels of $1473 — 1273 which is a pivot point 1st support point.
The weekly outlook is projected at $1700 with a consolidation zone of $1600.
Technical Indicators:
The average directional index ADX (14): is at 42.29 indicating a BUY
The ultimate oscillator: is at 61.39 indicating a BUY
The bull/bear power (13): is at 126.52 indicating a BUY
The commodity channel index (14): is at 81.21 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Ethereum was unable to sustain its bearish momentum and after touching a low of 1254 on 21st Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1593 on 26th Oct after which we can see a shift towards the consolidation phase in the markets.
We can see that the prices of Ethereum are ranging near the support of the triangle in the 15-minute time frame indicating the bullish overtone of the markets.
We can clearly see an inverted hammer pattern above the $1254 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.
ETH is now trading just below its pivot level of 1554 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1568 and Fibonacci resistance levels of 1583 after which the path towards 1600 will get cleared.
The relative strength index is at 75 indicating an overbought market and the shift towards the correction and consolidation phase in the markets.
We can see that the commodity channel index is giving a bullish divergence signal in the 30-minute time frame.
Both the STOCH and Williams percent range are indicating an overbought market, which means that the prices are expected to decline in the short-term range.
Some of the technical indicators are giving a STRONG BUY market signal.
Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $1650 to $1700 in the short-term range.
ETH is now trading above both the 100 & 200 hourly simple and exponential moving averages.
Ether: bullish reversal seen above the $1254 mark
The short-term range appears to be mildly bullish
ETH continues to remain above the $1500 level
The average true range is indicating HIGH market volatility
Ether: Bullish Reversal Seen Above $1254
ETHUSD is now moving into a mildly bullish channel with the price trading above the $1500 handle in the European trading session today.
ETH touched an intraday high of 1583 in the Asian trading session and an intraday low of 1536 in the European trading session today.
The parabolic SAR indicator is giving a bullish reversal signal in the weekly time frame.
Moving average bullish crossovers are seen: AMA20 and AMA50 in the daily timeframe.
We can also see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.
Ethereum’s price continues to move into a bullish zone against the US dollar and is expected to move above the $1600 level.
The daily RSI is printing at 69 indicating a very strong demand for Ether in the long-term range.
The key support levels to watch are $1392 which is a 50% retracement from a 4-week low and 1439 which is a 38.2% retracement from 4-week high.
ETH has increased by 0.74% with a price change of 11.43$ in the past 24hrs and has a trading volume of 26.649 billion USD.
We can see a decrease of 29.89% in the total trading volume in the last 24 hrs which is due to the shift towards the consolidation phase in the markets.
The Week Ahead
After the recent declines, Ethereum’s price is extending upwards correction against the US dollar and bitcoin. We are now looking for a fresh rally into the markets towards the $1800 level.
We can see the formation of a major bullish trend line in place from $1254 towards $1745 level.
The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions.
The price of ETHUSD will need to remain above the important support levels of $1473 — 1273 which is a pivot point 1st support point.
The weekly outlook is projected at $1700 with a consolidation zone of $1600.
Technical Indicators:
The average directional index ADX (14): is at 42.29 indicating a BUY
The ultimate oscillator: is at 61.39 indicating a BUY
The bull/bear power (13): is at 126.52 indicating a BUY
The commodity channel index (14): is at 81.21 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Comment:
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