ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022

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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

LTCUSD: Rounding Bottom Pattern Above $120

Litecoin was unable to sustain its bullish momentum against the US dollar, and after touching a high of 143.82 on February 10, it started falling down touching a low of 120.96 on February 12.

The price of LTCUSD has now stabilized and is moving into a consolidation phase above the $120 handle in the European trading session. LTUCSD touched an intraday high of 129.14 in the Asian trading session, and an intraday low of 124.68 in the European trading session.

We can clearly see a rounding bottom pattern above the $120 handle which is a bullish pattern and signifies the continuation of the uptrend.

Litecoin is now trading below its 100 hourly simple moving average and 200 hourly exponential moving average; the price of LTCUSD is below its pivot level of 128.26.

The relative strength index is at 49 indicating a NEUTRAL level, and the continuation of the consolidation phase.

The price of Litecoin continues to remain below most of the moving averages, which are now giving a STRONG SELL signal at current market levels of 125.67.

StochRSI is indicating an oversold market which means that we can expect a short-term upwards correction in its prices.

The short-term outlook for Litecoin has turned NEUTRAL.

  • Some of the technical indicators are giving a BUY signal
  • A bullish reversal seen above the $120 level
  • The Williams percent range is indicating a neutral market
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $120

The price of Litecoin continues to move in a narrow range between $120 and $130, and this range-bound movement is expected to continue this week.

We can see a move towards the consolidation phase which is expected to keep its prices above $120.

The commodity channel index is indicating a neutral market and the continuation of the consolidation phase.

Litecoin continues to remain above the 20-day simple moving average of 123.33 which indicates a mild bullish potential with an upside target of $135.

The price of LTCUSD is now facing its classic resistance level of 127.56 and Fibonacci resistance level of 127.83, after which the path towards $130 will get cleared.

The daily RSI is printing at 49 which also indicates a neutral level for Litecoin in the medium-term.

LTC has declined -3.24% with a price change of -4.22$ in the past 24hrs, and has a trading volume of 0.774 billion USD.

Litecoin trading volume has increased by 9.37% as compared to yesterday, which appears to be normal.

The Week Ahead

We have seen that Litecoin has started to decline last week due to the broad-based selling that was seen in the cryptocurrency markets.

The prices of Litecoin are impacted by the Russia-Ukraine border tensions and the panic selling following this news in the LTCUSD markets.

At present, Litecoin has entered into a consolidation channel above the $125 handle. If the prices of LTCUSD continue to remain above these levels, then next week, we may see a bullish continuation pattern towards the level of $135.

The short-term outlook for Litecoin has turned NEUTRAL, the medium-term outlook is NEUTRAL, and the long-term outlook is BULLISH at present market conditions.

This week, we are looking at levels of $125 to $130, and next week, Litecoin is expected to trade at levels above $130.

Technical Indicators:

The ultimate oscillator: at 52.87 indicating a BUY

Bull/Bear power (13-day): at 1.872 indicating a BUY

The rate of price change: at 13.34 indicating a BUYThe average direction change (14-day): at 22.51 indicating a BUY

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