FXOpen Trader

ETHUSD and LTCUSD Technical Analysis – 28th OCT, 2021 ETHUSD Consolidating Towards $4000 Ethereum had a major bearish correction yesterday breaking down below the $4000 level, after which the price has stabilized and is moving to a consolidation phase towards the $4000 handle. ETHUSD touched an intraday high of $4298 on Wednesday, after which the prices saw a correction of more than 5%. The pair touched an intraday low of $3913 in today’s European trading session. ETH is now trading just above its pivot level of $4018 and Camarilla resistance level of $4016. ETH is gaining bullish uptrend today and is about to break its classic resistance level of $4057. Ether is expected to continue its uptrend move this week and reach the $4400 mark before this weekend. All the major technical indicators are giving a STRONG BUY signal. ETH is now trading just above its 100 hourly simple moving averages. Moving averages crossover has been detected, signaling a potential change in trend towards $4400. Ethereum recovered its losses and continues to trade above the $4000 level Short-term to medium-term outlooks remain bullish for ETHUSD Average true range indicates less market volatility Moving averages crossover pattern seen in 5 hourly MA Ether’s Straight Uptrend Towards $4400 ETHUSD price declined heavily against the US Dollar yesterday, but the dips remained well supported pushing it back above the important psychological level of $4000. ETH price is now building a positive momentum, and we could see some fresh gains in the US trading session today. ETH is now facing its next major resistance levels of $4100 and $4179 after which the path towards $4400 will get cleared. The relative strength index is at 56 indicating more upside potential for ETHUSD in the coming days. ETH has gained 2.82% with a price change of +$113.79 in the past 24hrs and has a trading volume of 23.695 Billion USD. Ethereum To Hit $6000 in 2021 The Ethereum blockchain is moving towards Ethereum 2.0, which is proposed to be a much greener and faster version of the current system. The Altair upgrade to Beacon chain will likely push the prices of ETHUSD further up. Traders are now waiting for the release of the upgrade, and with renewed buying pressure the prices of Ethereum are expected to touch $6000 before the end of this year. The Week Ahead Ethereum price is moving in an uptrend from the starting of this month and the trend is expected to continue this week. We could witness a short-selling in the ETH for some time below the sub$4000 level as seen yesterday, but the dips will remain well supported marking the resumption of the bullish trend. We have seen moving averages crossover patterns for 5 hourly MA, and also for 5 day MA suggesting that both in the short- to medium-range the bullish outlook will continue. The price of ETHUSD has already broken 200 hourly simple and exponential moving averages and is on its way towards the $4400 handle this week. Technical Indicators: Average directional change (14-day): at 45.57 indicating a BUY Bull/Bear power (13-day): at 221.075 indicating a BUY Ultimate oscillator: at 62.62 indicating a BUY Commodity channel index (14-day): at 282.79 indicating OVERBOUGHT levels Read Full on FXOpen Company Blog...

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EUR/USD and EUR/JPY: Euro Remains At Risk EUR/USD failed to recover and declined below the 1.1620 support. EUR/JPY is facing a major resistance near the 132.50 and 132.65 levels. Important Takeaways for EUR/USD and EUR/JPY The Euro gained bearish momentum below 1.1620 and 1.1600. There was a break below an ascending channel with support near 1.1600 on the hourly chart. EUR/JPY is attempting a recovery wave above the 132.30 resistance level. There is a key bearish trend line forming with resistance near 132.65 on the hourly chart. EUR/USD Technical Analysis The Euro started another decline after it struggled to clear the 1.1665 resistance against the US Dollar. The EUR/USD pair broke the 1.1620 support zone to move into a bearish zone. The pair even traded below the 1.1600 support and settled below the 50 hourly simple moving average. A low was formed near 1.1585 on FXOpen and the pair is now correcting losses. It is currently facing resistance near the 1.1600 level. Read Full on FXOpen Company Blog...

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