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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216645, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 12th JAN, 2023[/SIZE][/B] [img]https://i.postimg.cc/zv5Y4WK2/eth.jpg[/img] [B][SIZE=5]ETHUSD: Bullish Harami Pattern Above $1237[/SIZE][/B] Ethereum was unable to sustain its bearish momentum and after touching a low of 1237 on 06th Jan, the price started to correct upwards against the US dollar crossing the $1400 handle today in the European trading session. The prices are ranging near a new record high of 1 month. We have seen a bullish opening in the markets this week. We can clearly see a bullish harami pattern above the $1237 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 1398 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1401 and Fibonacci resistance level of 1403 after which the path towards 1500 will get cleared. We have also seen the formation of an upside gap in the 15-minute time frame indicating the bullish nature of the markets. The relative strength index is at 70.66 indicating a strong demand for Ether and the continuation of the buying pressure in the markets. The Williams percent range is indicating an overbought market, which means that the price is 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 STRONG BUY signal at the current market levels of $1399. ETH is now trading Above both the 100 hourly simple and 200 hourly exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1237 mark [*] The short-term range appears to be strongly bullish [*] ETH continues to remain above the $1350 level [*] The average true range is indicating HIGH market volatility [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1237[/SIZE][/B] [img]https://i.postimg.cc/bYHhkCf7/etx.png[/img] ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1300 level and now we are testing the break of the $1500 handle. The momentum Indicator is back over zero in the weekly time frame. We can see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame. The resistance of the channel is broken in the daily time frame indicating bullish trends. ETHUSD touched an intraday low of 1341 in the Asian trading session and an intraday high of 1417 in the European trading session today. The daily RSI is printing at 75.77 indicating a STRONG demand for Ether in the long-term range. The key support levels to watch are $1275 at which the price crosses 9-day moving average and at $1313 which is a 38.2% retracement from a 4-week high. ETH has increased by 4.62% with a price change of 61.65$ in the past 24hrs and has a trading volume of 9.607 billion USD. We can see an increase of 74.76% in the total trading volume in the last 24 hrs which is due to the heavy buying pressure seen in the global markets. [B][SIZE=5]The Week Ahead[/SIZE][/B] ETH has already made a successful attempt at crossing the $1400 level and the next targets are located at $1500 and $1600 levels in the medium-term. We can see the formation of an ascending channel from $1237 towards $1421. The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions. The resistance zone is located at $1413 which is a 1-month high, and at $1442 which is a 38.2% retracement from a 13-week high. The weekly outlook is projected at $1550 with a consolidation zone of $1500. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The STOCH (9,6): is at 57.42 indicating a BUY The MACD (12,26): is at 16.00 indicating a BUY The ultimate oscillator: is at 51.75 indicating a BUY The rate of price change: is at 4.24 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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