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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 211658, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 11th AUG, 2022[/SIZE][/B] [img]https://i.postimg.cc/Bnz1tzrL/eth.jpg[/img] [B][SIZE=5]ETHUSD: Double Bottom Pattern Above $1580[/SIZE][/B] Ethereum was unable to sustain its bearish momentum and after touching a low of 1584 on 04th Aug started to correct upwards against the US dollar crossing the $1800 handle in the European trading session today. We can see a continuous uptick in the prices of Ethereum due to the heavy buying pressure seen since yesterday. We can clearly see a double-bottom pattern above the $1580 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 1884 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1895 and Fibonacci resistance level of 1901 after which the path towards 2000 will get cleared. The relative strength index is at 67 indicating a strong market and the continuation of the uptrend in the markets. We can see the formation of a bullish harami pattern on the 2-hour time-frame indicating the underlying bullish nature of the markets. The STOCHRSI is indicating an oversold market, which means that the prices are due for an upwards correction. All of the technical indicators are giving a strong buy market signal. All of the moving averages are giving a strong buy signal and we are now looking at the levels of $1900 to $2000 in the short-term range. ETH is now trading above its 100 hourly simple and exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1580 mark [*] Short-term range appears to be strongly bullish [*] ETH continues to remain above the $1800 level [*] The average true range is indicating less market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1580[/SIZE][/B] [img]https://i.postimg.cc/N0r2X4tN/ethx.png[/img] ETHUSD is now moving into a strongly bullish channel with the prices trading above the $180 handle in the European trading session today. ETH touched an intraday high of 1911 and an intraday low of 1830 in the Asian trading session today. We have also detected the formation of the Ichimoku bullish crossover pattern in the 15-minute time frame. The Williams percent range is also giving a bullish markets signal at the current reading of -28. The key support levels to watch are $1751 and $1716, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish reversal in the markets. ETH has increased by 10.87% with a price change of 184$ in the past 24hrs and has a trading volume of 28.383 billion USD. We can see an increase of 60.00% in the total trading volume in the last 24 hrs which is due to the buying seen by the medium-term Investors. [B][SIZE=5]The Week Ahead[/SIZE][/B] We can see a continuous progression of a bullish trendline from 1580 towards the 1918 level. The price of Ethereum is now testing its resistance zone located at $2000, and we are likely to see a short-term correction in its levels after touching $2000. The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, 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 $1700 this week. The weekly outlook is projected at $1950 with a consolidation zone of $1800. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The relative strength index (14): at 67.52 indicating a BUY The moving averages convergence divergence (12,26): at 37.31 indicating a BUY The rate of price change: at 4.01 indicating a BUY The ultimate oscillator: at 53.30 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog[/B] [/QUOTE]
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