ETHUSD and LTCUSD Technical Analysis – 31st MAR, 2022

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ETHUSD: Bullish Engulfing Pattern Above $3,100

Ethereum continues its bullish momentum from last week and has managed to touch the $3,400 handle in the European trading session today.

Ethereum touched an intraday high of 3,423 and an intraday low of 3,372 in the early Asian trading session today.

We can clearly see a Bullish engulfing pattern above the $3,100 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 3,400 and is moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,407 and Fibonacci resistance level of 3,411, after which the path towards 3,500 will get cleared.

The relative strength index is at 54 indicating a NEUTRAL demand for Ethereum and the move towards the consolidation phase.

Both the Stoch and RSI are indicating a neutral level which means that the prices are due to enter into a consolidation zone.

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

All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,500 to $3,600 in the short-term range.

ETH is now trading above both its 100 and 200 hourly simple moving averages.

  • Ether continues its bullish momentum above the $3,100 mark
  • The short-term range appears to be strongly BULLISH
  • The daily RSI is above 50 at 72 indicating a BULLISH market
  • The average true range is indicating LESSER market volatility

Ether Continues Bullish Momentum Above $3,100

ETHUSD is now moving in a strongly bullish momentum with the prices trading above the $3,300 handle in the European trading session today.

We can see the Ichimoku bullish crossover pattern in the 1-hour timeframe which further validates the bullish momentum.

Ethereum is now moving in a bullish continuation pattern which indicates further appreciation in the prices of ETHUSD this week.

ETHUSD is now facing its immediate resistance level of $3,461 and $3,508, after which we will see a linear progression towards the level of $3,600.

The key support levels to watch are $3,351 and $3,229, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish trend.

ETH has gained 0.08% with a price change of 2.61$ in the past 24hrs, and has a trading volume of 14.183 billion USD.

We can see a decrease of 27.33% in the total trading volume in the last 24 hrs. as Ethereum braces to enter into a consolidation zone.

The Week Ahead

At present, Ethereum bulls have managed to push the prices of ETHUSD above the level of $3,300. If the price of ETHUSD remains above these levels, we may see a linear progression towards the level of $3,500 and $3,600 this week.

The immediate short-term outlook for Ether has turned strongly BULLISH, the medium-term outlook has turned neutral, and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,300 and $3,500, and next week, Ether is expected to enter in a consolidation phase above $3,300.

Technical Indicators:

The commodity channel index (14-day): at 60.38 indicating a BUY

Bull/Bear power (13-day): at 14.53 indicating a BUY

The rate of price change: at 0.160 indicating a BUY

The Williams percent range: at -41.74 indicating a BUY

LTCUSD: Double Bottom Pattern Above $123

Litecoin continues its bullish momentum from last week and has managed to cross the $130 handle in the European trading session today.

LTUCSD touched an intraday high of 132.76 in the Asian trading session, and an intraday low of 128.13 in the European trading session today.

We can clearly see a double bottom pattern above the $123 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 average and exponential moving average. The price of LTCUSD is just below its pivot level of 130.33.

The relative strength index is at 64 indicating a STRONG demand for Litecoin and 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 the current market level of 129.30.

Both the StochRSI and the Williams percent range are indicating an OVERBOUGHT level, which means that the prices are expected to decline in the short-term range.

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

  • All of the technical indicators are giving a STRONG BUY signal
  • Litecoin continues its bullish momentum above $123
  • The average directional range is indicating an OVERBOUGHT level
  • The average true range is indicating LESSER market volatility

Litecoin: Bullish Momentum Continues Above $123

The price of Litecoin continues to appreciate from last week after having touched a low of $126 on March 30th. We can see some pullback action after the price crossed the level of $133.

Litecoin touched its lowest level of $96 on March 7th, after which we can see an ascending bullish channel towards its present market level of $129.

The on-chain metrics are also indicating a bullish pattern with a net network growth of 0.67% and an increase in large transactions of 15.70%.

The price of LTCUSD is now facing its classic resistance level of 134.66 and Fibonacci resistance level of 138.33 after which the path towards $140 will get cleared.

The daily RSI is printing at 64 which also indicates a strong demand for Litecoin in the medium-term.

LTC has lost 0.50% with a price change of -0.65$ in the past 24hrs, and has a trading volume of 1.039 billion USD.

Litecoin’s trading volume has increased by 15.71% compared to yesterday which appears to be normal.

The Week Ahead

We have seen some downward correction in the price of Litecoin today after crossing the level of $132. But now the price has stabilized, and we are looking at further appreciation towards the $131 handle.

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 $130 to $135, and next week, Litecoin is expected to consolidate at levels above $130.

Technical Indicators:

The moving averages convergence divergence (12,26): at 4.69 indicating a BUY

The Stoch (9,6): at 75.57 indicating a BUY

The rate of price change: at 17.78 indicating a BUY

The commodity channel index (14-day): at 105.41 indicating a BUY

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