ETHUSD and LTCUSD Technical Analysis – 30th DEC, 2021
ETHUSD – Rounding Bottom Pattern Above $3,600
Ethereum continued its bearish trend this week, and touched a low of $3,584 in the Asian trading session today, after which the prices have stabilized above the $3,600 handle.
Most of the selling witnessed in Ethereum was due to the end-of-the-year profit-taking by long-term investors, and at current levels, we can now see some buying in the markets.
ETHUSD continues to recover from its losses today and entered into a consolidation phase above $3,600.
We can clearly see a rounding bottom pattern above the $3,600 handle which signifies a trend reversal towards a bullish uptrend.
ETH is now trading just below its pivot levels of $3,706 and moving in a bullish consolidation channel. The price of ETHUSD is about to break its classic resistance level of $3,722 and its Fibonacci resistance level of $3,734, after which the path towards $3,800 will get cleared.
All the major technical indicators are giving a BUY signal.
ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.
Ether: Mild Bullish Trend Reversal seen Above $3,600
ETHUSD is on its way to recover from its losses this week, and has entered into a consolidation phase above $3,600.
We can see a mildly bullish channel in progression today which if confirmed will push the prices of ETHUSD above $3,800 before the end of 2021.
Overall market scenario for Ethereum appears to be NEUTRAL.
StochRSI is indicating an OVERBOUGHT level which means more downward correction could also take place in the prices before the start of an upswing trend.
The average true range is indicating low market volatility, and we can see an increase of 12.16% in the trading volume as compared to yesterday.
ETH has lost -2.00% with a price change of -75.26$ in the past 24hrs and has a trading volume of 17.005 billion USD.
The Week Ahead
Ether is slowly recovering from its losses, and the price continues to uptick in the European trading session today.
We have detected an MA 10 and MA 5 crossover pattern which indicates a bullish reversal of the trend, and if this pattern continues, we can test levels of $3,800 to $3,850 very soon.
The immediate short-term outlook for Ether has turned positive; the medium to long-term outlook for Ether remain bullish with the target of above $5,000 in January 2022
The recent downturn has also led to the decline in the market capitalization of Ethereum to 439.44 billion USD.
Ethereum’s Transformation in 2022
In 2022, Ethereum will transition to Proof of Stake, which will bring in many advantages to the underlying network. The most notable are lower energy consumption, decentralization and scalability.
The change to the Proof of Stake will eliminate Ethereum’s mining and reduce the power consumption required to sustain the network. This change is expected to bring down the total energy level consumption by 99%. The change will also implement sharding and scalability that will lower the transaction costs of Ethereum.
Technical Indicators:
Ultimate oscillator: at 54.93 indicating a BUY
STOCH (9,6): at 66.95 indicating a BUY
Williams percent range: at -37.68 indicating a BUY
Average directional change (14-day): at 36.62 indicating a BUY
Read Full on FXOpen Company Blog...
ETHUSD – Rounding Bottom Pattern Above $3,600
Ethereum continued its bearish trend this week, and touched a low of $3,584 in the Asian trading session today, after which the prices have stabilized above the $3,600 handle.
Most of the selling witnessed in Ethereum was due to the end-of-the-year profit-taking by long-term investors, and at current levels, we can now see some buying in the markets.
ETHUSD continues to recover from its losses today and entered into a consolidation phase above $3,600.
We can clearly see a rounding bottom pattern above the $3,600 handle which signifies a trend reversal towards a bullish uptrend.
ETH is now trading just below its pivot levels of $3,706 and moving in a bullish consolidation channel. The price of ETHUSD is about to break its classic resistance level of $3,722 and its Fibonacci resistance level of $3,734, after which the path towards $3,800 will get cleared.
All the major technical indicators are giving a BUY signal.
ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.
- Ethereum trend reversal is seen above the $3,600 mark
- Short-term range appears to be mildly bullish for ETHUSD
- Commodity channel index is indicating a NEUTRAL market
- Average true range is indicating LESS market volatility
Ether: Mild Bullish Trend Reversal seen Above $3,600
ETHUSD is on its way to recover from its losses this week, and has entered into a consolidation phase above $3,600.
We can see a mildly bullish channel in progression today which if confirmed will push the prices of ETHUSD above $3,800 before the end of 2021.
Overall market scenario for Ethereum appears to be NEUTRAL.
StochRSI is indicating an OVERBOUGHT level which means more downward correction could also take place in the prices before the start of an upswing trend.
The average true range is indicating low market volatility, and we can see an increase of 12.16% in the trading volume as compared to yesterday.
ETH has lost -2.00% with a price change of -75.26$ in the past 24hrs and has a trading volume of 17.005 billion USD.
The Week Ahead
Ether is slowly recovering from its losses, and the price continues to uptick in the European trading session today.
We have detected an MA 10 and MA 5 crossover pattern which indicates a bullish reversal of the trend, and if this pattern continues, we can test levels of $3,800 to $3,850 very soon.
The immediate short-term outlook for Ether has turned positive; the medium to long-term outlook for Ether remain bullish with the target of above $5,000 in January 2022
The recent downturn has also led to the decline in the market capitalization of Ethereum to 439.44 billion USD.
Ethereum’s Transformation in 2022
In 2022, Ethereum will transition to Proof of Stake, which will bring in many advantages to the underlying network. The most notable are lower energy consumption, decentralization and scalability.
The change to the Proof of Stake will eliminate Ethereum’s mining and reduce the power consumption required to sustain the network. This change is expected to bring down the total energy level consumption by 99%. The change will also implement sharding and scalability that will lower the transaction costs of Ethereum.
Technical Indicators:
Ultimate oscillator: at 54.93 indicating a BUY
STOCH (9,6): at 66.95 indicating a BUY
Williams percent range: at -37.68 indicating a BUY
Average directional change (14-day): at 36.62 indicating a BUY
Read Full on FXOpen Company Blog...