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Message: [QUOTE="Resolve, post: 202250, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 02nd DEC, 2021[/SIZE][/B] [img]https://i.postimg.cc/pLm0wQX2/photo8.jpg[/img] [B][SIZE=5]ETHUSD: Bullish Engulfing Pattern Above $4,400[/SIZE][/B] Ethereum had a major bearish correction last week when it declined towards the $4,000 handle after touching a high of $4,551. ETHUSD started this week in a consolidation phase after which it had a bullish reversal towards $4,700 and touched an intraday high of $4,776 in today’s Asian trading session. We can clearly see a bullish engulfing pattern above $4,400 which signifies a trend reversal, and ETHUSD crossing $4,700. Ethereum price has retracted from its highs due to some profit-taking, but the bullish channel continues, and this week, we are aiming for the upsides of $4,700 and $4,900. ETH is now trading above its pivot level of $4,524 and moving in a mild bullish momentum. The price of ETHUSD has already broken its classic resistance level of $4,545, its Fibonacci resistance level of $4,555, and is now aiming towards the $4,600 handle in the US trading session. Moving averages are giving a NEUTRAL signal. ETH is now trading above both its 100 hourly and 200 hourly simple moving averages. [LIST] [*] Ethereum is in a mild bullish channel [*] Short-term trend reversal seen above $4,400 [*] All the major technical Indicators are giving NEUTRAL to SELL signals [*] Average true range is indicating LESS market volatility [/LIST] [B][SIZE=3]Ether: Bullish Channel Towards $4,900 Confirmed[/SIZE][/B] [img]https://i.postimg.cc/zXtt22Nt/etxx.jpg[/img] ETHUSD is consolidating its gains above $4,500 in the European trading session and we can clearly see that the bullish channel is back. We are now aiming for the upsides of $4,600 to $4,700 in today’s US trading session. The retracement from $4,000 was very strong, which suggests that there is more room for upsides in Ethereum this month, and $5,500 is the next target. At present, technical indicators are giving a SELL signal which means that in the immediate short-term we will see a decline before the continuation of a bullish channel. ETH has declined by -4.26% with a price change of -202.85$ in the past 24hrs and has a trading volume of 26.670 billion USD. We can see a decrease of 11% in the trading volume as compared to yesterday, which means that new buyers are not entering the markets and waiting for further correction in the levels of Ethereum. [B][SIZE=3]Ethereum Gains in 2021[/SIZE][/B] We have seen the prices of Ethereum increasing continuously throughout 2021. Starting from $730 on 1st Jan 2021, Ether is currently trading at $4,568, yielding a gain of 625% to its investors — more than Bitcoin during the same period of time. Ethereum’s performance in 2021 is commendable. The current market valuation of this second-largest cryptocurrency stands at 540.52 billon USD. A number of leading crypto analysts have also predicted that in the next 5 years, Ethereum could outperform bitcoin and become the topmost cryptocurrency in the world. [B][SIZE=3]The Week Ahead[/SIZE][/B] Ether is printing above $4,500 today, and this week, we could $4,700 to $4,900. The medium to long-term outlook for Ether in December remains bullish with targets of above $5,000. Ether has already broken its major resistance level of $4,580 and is now facing the next resistance level of $4,800. [B]Technical Indicators:[/B] Commodity channel index (14-day): indicating a NEUTRAL market Moving averages convergence divergence (14-day): at -27.11 indicating a SELL Average directional change (14-day): indicating a NEUTRAL market Rate of price change: at -2.386 indicating a SELL [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]

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