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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 215409, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 01st DEC, 2022[/SIZE][/B] [img]https://i.postimg.cc/kGJTsPtN/eth.jpg[/img] [B][SIZE=5]ETHUSD: Piercing Pattern Above $1151[/SIZE][/B] Ethereum was unable to sustain its bearish momentum and after touching a low of 1151 on 23rd Nov, the price started to correct upwards against the US dollar crossing the $1300 handle today in the Asian trading session. After touching $1300 handle we can see some downward correction in the levels of Ethereum which is expected to enter into a consolidation phase now. We can see the formation of bullish engulfing lines in the 2-hour time frame. We can clearly see a piercing pattern above the $1151 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 below its pivot level of 1284 and is moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1290 and Fibonacci resistance level of 1296 after which the path towards 1300 will get cleared. The relative strength index is at 67 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets. We can see both the bullish harami and bullish harami cross pattern in the 15-minute time frame. Both the STOCH and STOCHRSI are indicating overbought levels, 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 $1300 to $1350 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 $1151 mark [*] The short-term range appears to be mildly bullish [*] ETH continues to remain above the $1200 level [*] The average true range is indicating HIGH market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1151[/SIZE][/B] [img]https://i.postimg.cc/SQdTsRwg/etx.png[/img] ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1200 handle in the European trading session today. ETH is now preparing to enter into a consolidation phase above the $1250 handle, after which fresh upside waves are expected. ETHUSD touched an intraday high of 1304 in the Asian trading session and an intraday low of 1277 in the European trading session today. We can see a bullish trend reversal signal with adaptive moving averages AMA20 and AMA50 in the 15-minute time frame. The resistance of the channel is broken in the daily time frame indicating a bullish trend. The daily RSI is printing at 52 indicating a neutral demand for Ether in the long-term range. The key support levels to watch are $1202 which is a 14-3 day raw stochastic at 70% and $1211 at which price crosses 18 day moving average. ETH has increased by 1.19% with a price change of 15.13$ in the past 24hrs and has a trading volume of 7.849 billion USD. We can see a decrease of 2.57% in the total trading volume in the last 24 hrs which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] ETH price continues to remain under bullish pressure and after the current consolidation wave is over, we can expect fresh upsides in the ranges of $1300 and $1400 this week. We can see the formation of a major bullish trendline in place from $1151 towards $1295 levels. The immediate short-term outlook for Ether has turned 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 $1208 at which the price crosses the 9-day moving average stalls. The weekly outlook is projected at $1400 with a consolidation zone of $1350. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The relative strength index (14): is at 67.69 indicating a BUY The rate of price change: is at 9.65 indicating a BUY The bull/bear power (13): is at 46.55 indicating a BUY The high/lows (14): is at 33.40 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.[/I] [/QUOTE]
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