ETHUSD and LTCUSD Technical Analysis – 17th MAR, 2022

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ETHUSD: Bullish Engulfing Pattern Above $2,400

Ethereum ended its bearish phase after touching a low of $2,498 on March 14 and moved into a consolidation channel.

On March 15, ETHUSD entered into a bullish phase which pushed its prices above the $2,700 handle in today’s European trading session.

We can clearly see a bullish engulfing pattern above the $2,400 handle which signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just below its pivot level of $2,755 and moving in a bullish channel. The price of ETHUSD is now testing its classic resistance level of $2,763 and Fibonacci resistance level of $2,773, after which the path towards $2,900 will get cleared.

The relative strength index is at 59 indicating a STRONG demand for Ethereum and the continuation of the buying pressure in the markets.

All of the technical indicators are giving a STRONG BUY market signal.

All of the MAs are giving a BUY signal, and we are now looking at the level of $2,800 to $2,900 in the short-term range.

ETH is now trading above both the 100 Hourly and 200 Hourly SMAs.

  • A bullish reversal is seen in ETH above the $2,400 mark
  • The short-term range appears to be strongly BULLISH
  • The daily RSI is above 50 at 52, indicating a NEUTRAL market
  • The average true range is indicating LESSER market volatility

Ether: Bullish Reversal Seen Above $2,400

ETHUSD has gained a strong bullish momentum with the prices trading above the $2,700 handle in the European trading session today.

The StochRSI is indicating an OVERSOLD market, which means that a pullback in the levels of Ethereum can be expected soon.

Ethereum is now moving in a bullish continuation pattern, meaning further appreciation in the prices of ETHUSD.

ETHUSD is now facing its immediate resistance level of $2,775, after which we will see a linear progression towards $2,900.

The key support level to watch is $2,300, and this week’s key resistance level is $2,900.

ETH has gained 4.11% with a price change of 108.62$ in the past 24hrs and has a trading volume of 15.881 billion USD.

We can see a 5.84% increase in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

Ethereum has entered a consolidation channel above the $2,400 handle and is now moving in a bullish momentum towards $3,000.

For the first time in 3 years, the US Federal Reserve hiked its interest rate by 0.25% which has weakened the US dollar and sparked a rally in some crypto currencies, including Ethereum, which had been weighed down by the Russia-Ukraine war.

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 in present market conditions.

This week, Ether is expected to move in a range between $2,500 and $2,900, and to enter a consolidation phase above $2,900 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at 30.92 indicating a BUY

The ultimate oscillator: at 52.02 indicating a BUY

The rate of price change: at 1.712 indicating a BUY

The Williams percent range: at -25.91 indicating a BUY

LTCUSD: Double Bottom Pattern Above $100

Litecoin ended its bearish phase after touching a low of 99.62 on March 10th  and entered a consolidation channel above the $100 handle.

LTUCSD touched an intraday high of 111.43 in the early Asian trading session, and an intraday low of 108.89 in the European trading session today.

We can clearly see a double bottom pattern above the $100 handle — which is a bullish pattern signifying the end of a bearish phase and the start of a bullish phase.

Litecoin is now trading above its 100 hourly simple moving averages and 200 hourly SMA. The price of LTCUSD is just below its pivot levels of 110.50.

The relative strength index is at 58 indicating a STRONG demand as well as the continuation of the bullish momentum in the markets.

The price of Litecoin continues to remain above all of the moving averages, which are now giving a STRONG BUY signal at current market levels of 109.35.

The StochRSI is indicating an overbought market which means that we can expect a short-term downwards correction in the prices.

The short-term outlook for Litecoin has turned strongly BULLISH.

  • All of the technical Indicators are giving a STRONG BUY signal
  • A bullish reversal is observed above $100
  • On-chain metrics are giving a NEUTRAL signal
  • The average true range is indicating LESSENED market volatility

Litecoin: Bullish Reversal Seen Above $100

The price of Litecoin continues to move in a strong bullish channel below the $100 handle, and we can see a linear progression towards the level of $110.

We can see an ascending trendline in place in the daily time frame, with possible targets of $115 and $118 in the medium-term range.

The price of LTCUSD is now facing its classic resistance level of 110.23 and Fibonacci resistance level of 111.36, after which the path towards $115 will get cleared.

The daily RSI is printing at 50 which also indicates a neutral market for Litecoin in the medium term.

LTC has gained 1.95% with a price change of 1.95$ in the past 24hrs, and has a trading volume of 0.8292 billion USD.

Litecoin trading volume has decreased by 0.35% as compared to yesterday which appears to be Normal.

The Week Ahead

We can see that Litecoin continues to move upward and is expected to consolidate at the level above $110.

At present, Litecoin is expected to enter into a consolidation channel above the $110 handle.

Litecoin continues to consolidate at higher levels, which means we may see  more upwards correction in its prices next week.

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

This week we are looking at levels of $112 to $115, and next week, Litecoin is expected to trade at levels above $115.

Technical Indicators:

The moving averages convergence divergence (12,26): at 1.510 indicating a BUY

The Stoch (9,6): at 69.17 indicating a BUY

The rate of price change: at 3.996 indicating a BUY

The commodity channel index (14-day): at 82.68 indicating a BUY

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