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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 218878, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 30th MAR, 2023[/SIZE][/B] [img]https://i.postimg.cc/P52NrJjP/eth.png[/img] [B][SIZE=5]ETHUSD: Bullish HARAMI Pattern Above $1687[/SIZE][/B] Ethereum was unable to sustain its bearish momentum, and after touching a low of $1687 on 27th Mar, the prices started to correct upwards against the US dollar touching a high of $1829 today in the Asian trading session. We have seen a bullish opening of the markets this week. The price of Ethereum is ranging near a new record high of 1 month. We can clearly see a bullish Harami pattern above the $1687 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 1798 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1803 and Fibonacci resistance level of 1806 after which the path towards 1850 will get cleared. We can see the formation of both bullish Harami and bullish Harami cross patterns in the 2-hour time frame. The relative strength index is at 53.40 indicating a strong demand for Ether and the continuation of the buying pressure in the markets. Both the STOCH and STOCHRSI are giving a neutral signal, which means that the prices are expected to enter into a consolidation phase in the short-term range. Some of the technical indicators are giving a buy market signal. Most of the moving averages are giving a buy signal at the current market levels of $1800. ETH is now trading above both the 200 hourly simple and 200 hourly exponential moving averages. [LIST] [*] Ether: bullish reversal seen above the $1687 mark. [*] The short-term range appears to be mildly bullish. [*] ETH continues to remain above the $1750 level. [*] The average true range is indicating high market volatility. [/LIST] [B][SIZE=5]Ether: Bullish Reversal Seen Above $1687[/SIZE][/B] [img]https://i.postimg.cc/mrkkc4LV/etx.png[/img] ETHUSD is now testing to cross the $1900 levels and the current momentum suggests that we are now moving towards the $1850 level. We can see the formation of bullish engulfing lines in the weekly time frame. The price is back over the pivot point in the weekly time frame indicating bullish trends. We can see the formation of moving average bullish crossover patterns MA20 and MA50 in the 4-hourly time frame. We have also seen an upside gap in the 15-minute timeframe which indicates the bullish nature of the markets. ETHUSD touched an intraday high of 1829 and an intraday low of 1774 in the Asian trading session today. The key support levels to watch are $1744, at which the price crosses the 9-day moving average stalls, and $1769 at which the price crosses the 9-day moving average. ETH has decreased by 0.92% with a price change of 16.80$ in the past 24hrs and has a trading volume of 9.457 billion USD. We can see a decrease of 6.37% in the total trading volume in the last 24 hrs which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] ETH is facing stiff resistance at crossing the $1850 handle after which the next visible targets are located at $1900 and $1950. We can see the formation of a major bullish trend line with the support located at $1679 at which the price crosses the 18-day moving average. We can see the formation of a bullish ascending channel from $1687 towards the $1852 level. The immediate short-term outlook for Ether has turned mildly 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 $1830 which is a pivot point 1st resistance point and at $1913 which is a 38.2% retracement from a 52-week low. The weekly outlook is projected at $1950 with a consolidation zone of $1900. [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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