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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 212725, member: 29339"] [B][SIZE=5]ETHUSD Technical Analysis – 08th SEP, 2022[/SIZE][/B] [img]https://i.postimg.cc/GtP1X8QG/eth.jpg[/img] [B][SIZE=5]ETHUSD: Hammer Pattern Above $1490[/SIZE][/B] Ethereum was unable to sustain its bearish momentum and after touching a low of 1492 on 07th Sep started to correct upwards against the US dollar, crossing the $1600 handle in the European trading session today. We can see a continued buying pressure since yesterday and the formation of a bullish trendline from $1490 towards $1685 level. We can clearly see a hammer pattern above the $1490 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 1613 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1630 and Fibonacci resistance level of 1647 after which the path towards 1700 will get cleared. The relative strength index is at 58 indicating a STRONGER demand for Ether and the continuation of the uptrend in the markets. We can see the aroon indicator giving a bullish trend in the weekly time frame. We have also detected a moving average crossover pattern between the MA50 & MA100 in the 30-minute time frame. The STOCHRSI is indicating an OVERSOLD market, which means that the prices are expected to correct upwards in the short-term range. Most of the technical indicators are giving a STRONG BUY market signal. Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1700 to $1800 in the short-term range. ETH is now trading Above both the 100 & 200 hourly simple and exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1490 mark [*] The short-term range appears to be strongly BULLISH [*] ETH continues to remain above the $1600 levels [*] The average true range is indicating LESS market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1490[/SIZE][/B] [img]https://i.postimg.cc/Y2QkrZH0/etx.png[/img] ETHUSD is moving into a strong bullish channel with the prices trading above the $1600 handle in the European trading session today. ETH touched an intraday high of 1656 in the Asian trading session and an intraday low of 1597 in the European trading session today. A three white soldiers pattern is visible in the 30-minutes time frame indicating the underlying bullish nature of the markets. We can see the formation of a bullish harami cross pattern in the 15-minute time frame which indicates that now we are heading towards the $1800 mark. The daily RSI is printing at 50 indicating a neutral demand in the long-term range. Ethereum continues to move into a rising trend channel which is expected to continue in the short-term range. The key support levels to watch are $1515 and $1581, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets. ETH has increased by 6.68% with a price change of 101$ in the past 24hrs and has a trading volume of 18.368 billion USD. We can see a decrease of 12.89% in the total trading volume in the last 24 hrs which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] On the upside the next visible targets are 1655 which is a 38.2% retracement from 4-week low, and 1726 which is a 50% retracement from 4-week high/low. The price of Ethereum is now testing its immediate resistance zone located at $1700 and we are likely to witness a rally in the price once it touches these levels. The immediate short-term outlook for Ether has turned strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. The prices of ETHUSD will need to remain above the important support level of $1500 this week. The weekly outlook is projected at $1800 with a consolidation zone of $1700. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The relative strength index (14): is at 58.32 indicating a BUY The moving averages convergence divergence (12,26): is at 10.23 indicating a BUY The rate of price change: is at 3.32 indicating a BUY The ultimate Oscillator: is at 58.98 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I] [/QUOTE]
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