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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216086, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 22nd DEC, 2022[/SIZE][/B] [img]https://i.postimg.cc/nLVd4Wq8/eth.jpg[/img] [B][SIZE=5]ETHUSD: Bullish Harami Pattern Above $1152[/SIZE][/B] Ethereum was unable to sustain its bearish momentum and after touching a low of 1152 on 20th Dec, the price started to correct upwards against the US dollar crossing the $1200 handle today in the European trading session. We have seen a bullish opening of the markets this week. We can clearly see a bullish harami pattern above the $1152 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 1217 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1221 and Fibonacci resistance level of 1224 after which the path towards 1300 will get cleared. The relative strength index is at 59 indicating a strong demand for Ether and the continuation of the bullish phase in the markets. We can see the formation of bullish engulfing lines in the 4-hour time frame. Both the STOCHRSI and Williams percent range are 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 BUY market signal. Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1350 to $1400 in the short-term range. ETH is now trading above its 100 & 200 hourly simple and exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1152 mark [*] Short-term range appears to be mildly bullish [*] ETH continues to remain above the $1200 level [*] The average true range is indicating LESS market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1152[/SIZE][/B] [img]https://i.postimg.cc/Y9hbVmXb/etx.png[/img] ETHUSD is now moving into a mildly bullish channel with the price trading above the $1200 handle in the European trading session today. ETH touched an intraday low of 1209 in the Asian trading session and an intraday high of 1220 in the European trading session today. We can see that the price is back over the pivot point in the 4-hour time frame. The parabolic SAR indicator is giving a bullish reversal signal in the 2-hour time frame. The Ichimoku price is over the cloud in the 2-hour time frame indicating a bullish tone of the markets. The price of Ethereum is marching towards a bullish zone against the US dollar and bitcoin. ETH/USD could continue to move higher back towards the $1400 level. The daily RSI is printing at 47 indicating a NEUTRAL demand for Ether in the medium-term range. The key support levels to watch are $1184 which is a 3-10 day MACD oscillator stalls, and $1191 which is a 14-3 day raw stochastic at 20%. ETH has increased by 0.20% with a price change of 2.43$ in the past 24hrs and has a trading volume of 37.617 billion USD. We can see a decrease of 29.77% in the total trading volume in the last 24 hrs which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] ETH’s price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1300 and $1400 levels this week. On the upside we are now looking at the immediate targets of 1303 which is a 38.2% retracement from a 13-week low, and 1372 which is a 50% retracement from 13-week high/low. The immediate short-term outlook for Ether has turned mildly 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 $1172 at which the price crosses 18-day moving average stalls. The weekly outlook is projected at $1450 with a consolidation zone of $1350. [B]Technical Indicators:[/B] The average directional index, ADX (14): is at 33.73 indicating a BUY The rate of price change: is at 0.694 indicating a BUY Bull/bear power (13): is at 9.48 indicating a BUY High/lows (14): is at 2.49 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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