ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022
ETHUSD: Bullish Engulfing Pattern Above $2,800
Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.
The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.
ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.
We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.
ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.
The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.
Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.
ETH is now trading above its 100 hourly and 200 hourly simple moving averages.
Ether: Bullish Reversal Seen Above $2,800
In today’s European trading session, ETHUSD has been moving into a consolidation channel above the $3,000 handle.
Both the commodity channel index and Stoch are indicating a NEUTRAL level which means that markets are expected to remain in the consolidation phase for some time.
The monthly relative strength index is printing at 58 which also indicates a stronger demand for Ethereum in the long-time frame.
The prices of Ethereum remain above the 50-day SMA of $3,058, which further validates the prevailing bullish sentiments in the markets.
The key support level to watch is $3,000, and a key resistance level is $3,200 for this week.
ETH has declined -1.35% with a price change of 42.73$ in the past 24hrs, and has a trading volume of 13.984 billion USD.
We can see a 5.36% increase in the total trading volume in the last 24 hrs which appears to be normal.
The Week Ahead
Ethereum has once again started its bullish moves against the US dollar after declining below the $3,000 handle. We can see that this upside projection is strong and will result in crossing $3,300 this week.
The ongoing Russia-Ukraine crisis is also affecting global cryptocurrency markets including Ethereum because of its effects on the USD which is seen as a safe haven investment.
If the prices of ETHUSD continue to remain above the $3,000 handle as we can see today, it would start the next leg of its bullish move towards $3,400 the next week.
The immediate short-term outlook for Ether has turned BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook is BULLISH towards the $3,500 handle.
This week, Ether is expected to move in a range between $3000 and $3300, and the next week, to trade at levels above $3,300.
Technical Indicators:
The moving averages convergence divergence (12,26): at 15.75 indicating a BUY
The average directional change (14-day): at 41.31 indicating a BUY
The rate of price change: at 6.54 indicating a BUY
Bull/Bear power (13-day): at 63.65 indicating a BUY
Read Full on FXOpen Company Blog...
ETHUSD: Bullish Engulfing Pattern Above $2,800
Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.
The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.
ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.
We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.
ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.
The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.
Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.
ETH is now trading above its 100 hourly and 200 hourly simple moving averages.
- Ether’s bullish reversal seen above the $2,800 mark
- Short-term range appears to be Mild BULLISH
- High/ Lows is indicating a NEUTRAL market
- Average True Range is indicating LESS Market Volatility
Ether: Bullish Reversal Seen Above $2,800
In today’s European trading session, ETHUSD has been moving into a consolidation channel above the $3,000 handle.
Both the commodity channel index and Stoch are indicating a NEUTRAL level which means that markets are expected to remain in the consolidation phase for some time.
The monthly relative strength index is printing at 58 which also indicates a stronger demand for Ethereum in the long-time frame.
The prices of Ethereum remain above the 50-day SMA of $3,058, which further validates the prevailing bullish sentiments in the markets.
The key support level to watch is $3,000, and a key resistance level is $3,200 for this week.
ETH has declined -1.35% with a price change of 42.73$ in the past 24hrs, and has a trading volume of 13.984 billion USD.
We can see a 5.36% increase in the total trading volume in the last 24 hrs which appears to be normal.
The Week Ahead
Ethereum has once again started its bullish moves against the US dollar after declining below the $3,000 handle. We can see that this upside projection is strong and will result in crossing $3,300 this week.
The ongoing Russia-Ukraine crisis is also affecting global cryptocurrency markets including Ethereum because of its effects on the USD which is seen as a safe haven investment.
If the prices of ETHUSD continue to remain above the $3,000 handle as we can see today, it would start the next leg of its bullish move towards $3,400 the next week.
The immediate short-term outlook for Ether has turned BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook is BULLISH towards the $3,500 handle.
This week, Ether is expected to move in a range between $3000 and $3300, and the next week, to trade at levels above $3,300.
Technical Indicators:
The moving averages convergence divergence (12,26): at 15.75 indicating a BUY
The average directional change (14-day): at 41.31 indicating a BUY
The rate of price change: at 6.54 indicating a BUY
Bull/Bear power (13-day): at 63.65 indicating a BUY
Read Full on FXOpen Company Blog...