ETHUSD and LTCUSD Technical Analysis – 14th APR, 2022
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ETHUSD: Double Bottom Pattern Above $2,900
Ethereum failed to continue its bullish momentum last week, and started to decline after touching a high of 3,299 on April 8th.
It touched an intraday low of 3,093 in the Asian trading session, and an intraday high of 3,142 in today’s European trading session.
We can clearly see a double bottom pattern above the $2,900 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 3,111 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,120 and Fibonacci resistance level of 3,128, after which the path towards 3,200 will get cleared.
The relative strength index is at 59 indicating a STRONG demand for Ethereum and the continuation of the bullish trend.
Both the average directional change and commodity channel index are indicating a neutral level which means that the prices are due to enter into a consolidation phase.
Most of the technical indicators are giving a STRONG BUY market signal.
Most of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,300 to $3,350 in the short-term range.
ETH is now trading below both the 100 hourly and exponential moving averages.
Ether: Bullish Reversal Seen Above $2,900
ETHUSD is now moving in a mildly bullish channel with the price trading above the $3,100 handle in the European trading session today.
Ethereum is now slowly preparing for its next move against the US dollar. We can see the formation of a contraction triangle pattern, which shows price building energy, and we can see the A-C and B-D trendlines.
ETHUSD is now facing its immediate resistance levels of $3,128 and $3,300, after which we will see a linear progression towards the level of $3,400.
The key support levels to watch are $2,906 and $3,034, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue.
ETH has gained 2.05% with a price change of $62.64 in the past 24hrs and has a trading volume of 15.476 billion USD.
We can see a decrease of 19.10% in the total trading volume in the last 24 hrs, which appears to be normal.
The Week Ahead
Last week, we saw Ethereum decline from its highs of 3,299 to the lows of 2,951, but now we can see that the prices have entered a consolidation phase above the level of 3,000.
If the price of ETHUSD remains above $3,000, we may see a linear progression towards the levels of $3,200 and $3,350 this week.
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.
This week, Ether is expected to move in a range between $3,100 and $3,300, and next week, it is expected to enter a consolidation phase above $3,300.
Technical Indicators:
The Williams percent range: at -44.92 indicating a BUY
The moving averages convergence divergence (12,26): at 15.85 indicating a BUY
The rate of price change: at 0.332 indicating a BUY
Bull/Bear power (13-day): at 16.23 indicating a BUY
Read Full on FXOpen Company Blog...
Ethereum failed to continue its bullish momentum last week, and started to decline after touching a high of 3,299 on April 8th.
It touched an intraday low of 3,093 in the Asian trading session, and an intraday high of 3,142 in today’s European trading session.
We can clearly see a double bottom pattern above the $2,900 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 3,111 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,120 and Fibonacci resistance level of 3,128, after which the path towards 3,200 will get cleared.
The relative strength index is at 59 indicating a STRONG demand for Ethereum and the continuation of the bullish trend.
Both the average directional change and commodity channel index are indicating a neutral level which means that the prices are due to enter into a consolidation phase.
Most of the technical indicators are giving a STRONG BUY market signal.
Most of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,300 to $3,350 in the short-term range.
ETH is now trading below both the 100 hourly and exponential moving averages.
- Bullish reversal seen in Ether above the $2,900 mark
- The short-term range appears to be mildly BULLISH
- The daily RSI is below 50 at 48 indicating a NEUTRAL market
- The average true range is indicating LESSER market volatility
Ether: Bullish Reversal Seen Above $2,900
ETHUSD is now moving in a mildly bullish channel with the price trading above the $3,100 handle in the European trading session today.
Ethereum is now slowly preparing for its next move against the US dollar. We can see the formation of a contraction triangle pattern, which shows price building energy, and we can see the A-C and B-D trendlines.
ETHUSD is now facing its immediate resistance levels of $3,128 and $3,300, after which we will see a linear progression towards the level of $3,400.
The key support levels to watch are $2,906 and $3,034, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue.
ETH has gained 2.05% with a price change of $62.64 in the past 24hrs and has a trading volume of 15.476 billion USD.
We can see a decrease of 19.10% in the total trading volume in the last 24 hrs, which appears to be normal.
The Week Ahead
Last week, we saw Ethereum decline from its highs of 3,299 to the lows of 2,951, but now we can see that the prices have entered a consolidation phase above the level of 3,000.
If the price of ETHUSD remains above $3,000, we may see a linear progression towards the levels of $3,200 and $3,350 this week.
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.
This week, Ether is expected to move in a range between $3,100 and $3,300, and next week, it is expected to enter a consolidation phase above $3,300.
Technical Indicators:
The Williams percent range: at -44.92 indicating a BUY
The moving averages convergence divergence (12,26): at 15.85 indicating a BUY
The rate of price change: at 0.332 indicating a BUY
Bull/Bear power (13-day): at 16.23 indicating a BUY
Read Full on FXOpen Company Blog...
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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.
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