FXOpen Trader Posted December 8, 2022 Author Share Posted December 8, 2022 ETHUSD and LTCUSD Technical Analysis – 08th DEC, 2022 ETHUSD: Double Bottom Pattern Above $1218 Ethereum was unable to sustain its bearish momentum and after touching a low of 1211 on 07th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1200 handle today in the European trading session. We can see the formation of a bullish harami pattern in the 15-minute time frame indicating a bullish trend. The Williams percent range indicator is back over -50 in the 2-hour time frame. We can clearly see a double bottom pattern above the $1218 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 below its pivot level of 1232 and moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1234 and Fibonacci resistance level of 1235 after which the path towards 1300 will get cleared. The relative strength index is at 53 indicating a NEUTRAL demand for Ether and the continuation of the consolidation phase in the markets. We can see both the bullish harami and bullish harami cross pattern in the daily time frame. Both the relative strength index and the average directional index are indicating neutral levels, which means that the prices are expected to remain in a narrow range in the short-term range. Most of the technical indicators are giving a STRONG BUY market signal. Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1300 to $1400 in the short-term range. ETH is now trading below its 100 hourly simple and 200 hourly exponential moving averages. Ether: bullish reversal seen above the $1218 mark The short-term range appears to be mildly bullish ETH continues to remain above the $1200 levels The average true range is indicating LESS market volatility Ether: Bullish Reversal Seen Above $1218 ETHUSD is now moving into a mild bullish channel with the price trading above the $1200 handle in the European trading session today. ETH is now preparing to enter into a consolidation phase above the $1230 handle, after which fresh upside waves are expected. ETHUSD touched an intraday high of 1234 and an intraday low of 1223 in the Asian trading session today. We have seen a bullish opening in the markets this week. The daily RSI is printing at 47 indicating a neutral demand for Ether in the long-term range. The key support levels to watch are $1191, which is a 14-3 day raw stochastic at 50%, and $1215 at which price crosses 18 Day Moving Average. ETH has increased by 0.09% with a price change of 1.07$ in the past 24hrs and has a trading volume of 4.698 billion USD. We can see a decrease of 24.01% in the total trading volume in the last 24 hrs which appears to be Normal. The Week Ahead ETH price continues to remain under mild bullish pressure and the prices are expected to remain in a bullish traction this week. After the current wave of consolidation gets over, we are expecting fresh buying pressure above the $1200 handle which will push the price above the $1300 level. The immediate short-term outlook for Ether has turned bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions. The price of ETHUSD will need to remain above the important support level of $1199 at which the price crosses 9-day moving average stalls. The weekly outlook is projected at $1400 with a consolidation zone of $1350. Technical Indicators: The relative strength index (14): is at 53.20 indicating a NEUTRAL. The STOCH (9,6): is at 69.01 indicating a BUY The MACD (12,26): is at 0.350 indicating a BUY Bull/bear power (13): is at 1.498 indicating a BUY VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice. Quote Link to comment Share on other sites More sharing options...
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