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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 212963, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 15th SEP, 2022[/SIZE][/B] [img]https://i.postimg.cc/B65NQzNz/eth.jpg[/img] [B][SIZE=5]ETHUSD: Hammer Pattern Above $1551[/SIZE][/B] Ethereum was unable to sustain its bullish momentum and after touching a high of 1788 on 11th Sep the price started to decline against the US dollar. This decline was mainly attributed to the strength of the US dollar in the global markets and the subsequent increase in the market liquidity. We can see a continued buying pressure since yesterday and the formation of a bullish price crossover pattern with moving averages MA20, MA50 and MA100 in the 15-minute time frame. We can clearly see a hammer pattern above the $1551 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 1599 and moving in a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1625 and Fibonacci resistance level of 1651 after which the path towards 1700 will get cleared. The relative strength index is at 56 indicating a STRONGER demand for Ether and the continuation of the uptrend in the markets. We can see that the super trend indicator is giving a bullish reversal signal in the 15-minute time frame. We have also detected a bullish harami cross pattern in the 1 -hour time frame. The STOCHRSI is indicating an OVERBOUGHT market, which means that the prices are expected to decline 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 $1750 to $1900 in the short-term range. ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1551 mark [*] Short-term range appears to be strongly BULLISH [*] ETH continues to remain above the $1600 level [*] The average true range is indicating HIGH market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1551[/SIZE][/B] [img]https://i.postimg.cc/FzDZ0JMg/etx.png[/img] ETHUSD is now moving into a strongly bullish channel with the prices trading above the $1600 handle in the European trading session today. ETH touched an intraday low of 1571 and an intraday high of 1651 in the European trading session today. We have seen a bullish opening of the markets today indicating the underlying bullish nature of the markets. We can see that MACD has crossed UP its moving average in the 4-hour time frame indicating the bullish tone, and now we are looking at the levels of 1800 to 2000 in the medium-term range. The daily RSI is printing at 48 indicating a neutral demand in the long-term range. The key support levels to watch are $1566 and $1501 and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets. ETH has increased by 1.40% with a price change of 22.33$ in the past 24hrs and has a trading volume of 24.474 billion USD. We can see an increase of 5.50% 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 1752 which is a 38.2% retracement from 4 week low, and 1690 which is a 50% retracement from 4 week high/low. The prices of Ethereum are now testing its immediate resistance zone located at $1700 and we are likely to witness a rally in the prices 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 price of ETHUSD will need to remain above the important support level of $1500 this week. The weekly outlook is projected at $1900 with a consolidation zone of $1700. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The average directional change (14): is at 24.06 indicating a BUY The moving averages convergence divergence (12,26): is at 0.48 indicating a BUY The rate of price change: is at 2.61 indicating a BUY The ultimate oscillator: is at 62.47 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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