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Forex Discussions
Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 200693, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 21st OCT, 2021[/SIZE][/B] [img]https://i.postimg.cc/k4rXN7Mz/dcx1x.jpg[/img] [SIZE=3][B]ETHUSD: Bullish Engulfing Pattern Above $4000[/B][/SIZE] Ethereum is moving in a strong bullish momentum after clearing the psychological resistance level of $4000. The price of ETHUSD touched an intraday high of $4241 in the Asian trading session and is now preparing for its next rally towards the $5000 handle. ETH is now trading above its pivot level of $4157 and Fibonacci resistance level of $4169. The price of Ethereum is surging continuously today and is about to break its classic resistance level of $4206. Ether is expected to maintain the bullish tone this week and continue towards the $4500 mark as the bulls take over. All the major technical indicators are giving a BUY signal. ETH is now moving above both the 100 hourly and 200 hourly simple moving averages. Bullish engulfing pattern above $4000 suggests that we could witness a fresh rally towards $5000 soon. [LIST] [*] Ethereum continues to remain above the psychological level of $4000 [*] Short-term to medium-term outlooks remain bullish for ETHUSD [*] All the moving averages are giving a STRONG BUY signal [*] The pair is expected to touch $4500 in the US trading session today [/LIST] [B][SIZE=3]Ether’s Rally Towards $5000 Confirmed[/SIZE][/B] [img]https://i.postimg.cc/Pxmf20Px/eth1x.jpg[/img] ETHUSD is consolidating its gains above $4000 and is now preparing for its next upwards move against the US dollar. ETH is now facing its next major resistance levels of $4240 and $4320, after which the path towards $4500 will get cleared. After surging above $4000, Ethereum’s volatility is low, suggesting that now investors are waiting to enter the market anticipating a major bullish move. ETH has gained 8.79% with a price change of +$339.35 in the past 24hrs and has a trading volume of 24.516 billion USD. [B][SIZE=3]Ethereum ETF[/SIZE][/B] The total market capitalization of Ethereum continues to increase, and at present is valued at 455 billion USD. The investors are eagerly waiting for the launch of Ethereum ETF in the US markets, which would bring a larger number of investors into its domain. Grayscale has announced its plans to launch an ETF based on Ethereum. At the moment, 4 Ethereum ETFs are trading in Canadian securities exchange, and plans are on to launch in the US market. Some crypto analysts believe that with the Ethereum ETFs, more institutional investors will come in, leading to its higher demand and a surge in the price well above $6000. [B][SIZE=3]The Week Ahead[/SIZE][/B] Ethereum dips remain well supported, and an increased buying pressure is seen above the $4000 mark. The bullish trend continues from last week. Any bearish corrections will serve as a buying opportunity for long-term traders. This week we may witness Ethereum touching the levels of $4500 — and then extending its rally towards the $5000 handle in the opening of the next week. As the price of ETHUSD remains above its 100 hourly exponential moving average, a breakout above $4400 is expected this week. [B]Technical Indicators:[/B] Average directional change (14-day): at 48.125 indicating a BUY Bull/Bear power (13-day): at 47.63 indicating a BUY Rate of price change: at 1.148 indicating a BUY Moving averages convergence divergence (12,26): at 66.36 indicating a BUY [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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