ETHUSD and LTCUSD Technical Analysis – 03rd NOV, 2022
ETHUSD: Bullish Engulfing Pattern Above $1483
Ethereum was unable to sustain its bearish momentum and after touching a low of 1488 on 28th Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1642 on 29th Oct after which we can see a shift towards the consolidation phase in the markets.
We can see that the MACD indicator is giving a bullish divergence signal in the 4-hour time frame
We can clearly see a bullish engulfing pattern above the $1483 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 above its pivot level of 1544 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1548 and Fibonacci resistance level of 1552 after which the path towards 1600 will get cleared.
The relative strength index is at 48 indicating a neutral market and the shift towards a correction and consolidation phase in the markets.
We can see that the commodity channel index is giving a neutral signal which indicates a range bound movement for some time in the markets.
The STOCHRSI is 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 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 below both its 100 & 200 hourly simple and exponential moving averages.
Ether: bullish reversal seen above the $1483 mark
The short-term range appears to be mildly bullish
ETH continues to remain above the $1500 levels
The average true range is indicating LESS market volatility
Ether: Bullish Reversal Seen Above $1254
ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1500 handle in the European trading session today.
ETH touched an intraday low of 1502 in the Asian trading session and an intraday low of 1558 in the European trading session today.
The RSI indicator is back over 50 indicating a bullish scenario.
We can see a bullish price crossover pattern with moving averages MA20 and MA100.
We can also see the formation of a bullish harami pattern in both the 2-hour and 4-hour time frames.
The MA20 is also indicating a bullish trend reversal signal in the weekly timeframe.
The daily RSI is printing at 60 indicating a strong demand for Ether in the long-term range.
The key support level to watch is $1427 which is a 50% retracement from a 4-week high/low and 1482 which is a 38.2% retracement from 4 week high/low.
ETH has decreased by 0.70% with a price change of 11.14$ in the past 24hrs and has a trading volume of 22.835 billion USD.
We can see an increase of 53.42% in the total trading volume in the last 24 hrs which is due to the continued buying seen at lower levels.
The Week Ahead
ETH price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1600 and $1700 levels this week.
We can see the formation of a major bullish trendline in place from $1483 towards $1640 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 at present market conditions.
The prices of ETHUSD will need to remain above the important support level of $1513 which is a 38.2% retracement from 13-week low.
Weekly outlook is projected at $1750 with a consolidation zone of $1650.
Technical Indicators:
The STOCH (9,6): is at 77.85 indicating a BUY.
The rate of price change: is at 0.983 indicating a BUY.
The bull/bear power (13): is at 4.55 indicating a BUY.
High/lows(14): is at 9.01 indicating a BUY.
Ethereum was unable to sustain its bearish momentum and after touching a low of 1488 on 28th Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1642 on 29th Oct after which we can see a shift towards the consolidation phase in the markets.
We can see that the MACD indicator is giving a bullish divergence signal in the 4-hour time frame
We can clearly see a bullish engulfing pattern above the $1483 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 above its pivot level of 1544 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1548 and Fibonacci resistance level of 1552 after which the path towards 1600 will get cleared.
The relative strength index is at 48 indicating a neutral market and the shift towards a correction and consolidation phase in the markets.
We can see that the commodity channel index is giving a neutral signal which indicates a range bound movement for some time in the markets.
The STOCHRSI is 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 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 below both its 100 & 200 hourly simple and exponential moving averages.
Ether: bullish reversal seen above the $1483 mark
The short-term range appears to be mildly bullish
ETH continues to remain above the $1500 levels
The average true range is indicating LESS market volatility
Ether: Bullish Reversal Seen Above $1254
ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1500 handle in the European trading session today.
ETH touched an intraday low of 1502 in the Asian trading session and an intraday low of 1558 in the European trading session today.
The RSI indicator is back over 50 indicating a bullish scenario.
We can see a bullish price crossover pattern with moving averages MA20 and MA100.
We can also see the formation of a bullish harami pattern in both the 2-hour and 4-hour time frames.
The MA20 is also indicating a bullish trend reversal signal in the weekly timeframe.
The daily RSI is printing at 60 indicating a strong demand for Ether in the long-term range.
The key support level to watch is $1427 which is a 50% retracement from a 4-week high/low and 1482 which is a 38.2% retracement from 4 week high/low.
ETH has decreased by 0.70% with a price change of 11.14$ in the past 24hrs and has a trading volume of 22.835 billion USD.
We can see an increase of 53.42% in the total trading volume in the last 24 hrs which is due to the continued buying seen at lower levels.
The Week Ahead
ETH price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1600 and $1700 levels this week.
We can see the formation of a major bullish trendline in place from $1483 towards $1640 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 at present market conditions.
The prices of ETHUSD will need to remain above the important support level of $1513 which is a 38.2% retracement from 13-week low.
Weekly outlook is projected at $1750 with a consolidation zone of $1650.
Technical Indicators:
The STOCH (9,6): is at 77.85 indicating a BUY.
The rate of price change: is at 0.983 indicating a BUY.
The bull/bear power (13): is at 4.55 indicating a BUY.
High/lows(14): is at 9.01 indicating a BUY.
Comment:
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.