FXOpen Trader Posted January 19 Author Share Posted January 19 ETHUSD and LTCUSD Technical Analysis – 19th JAN, 2023 ETHUSD: Double Bottom Pattern Above $1321 Ethereum was unable to sustain its bearish momentum and after touching a low of 1321 on 11th Jan, the price started to correct upwards against the US dollar crossing the $1600 handle on 18th Jan. The prices are ranging near horizontal support in the daily time frame indicating bullish trends. We can clearly see a double bottom pattern above the $1321 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 1540 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1575 and Fibonacci resistance level of 1639 after which the path towards 1700 will get cleared. We have also seen the formation of a bullish harami pattern in the 15-minute time frame. The relative strength index is at 72.46 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets. Both the STOCH and average directional index are indicating an overbought market, which means that the prices are expected to decline 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 STRONG BUY signal at the current market levels of $1528. ETH is now trading above both the 100 hourly simple and 100 hourly exponential moving averages. Ether: bullish reversal seen above the $1321 mark The short-term range appears to be mildly bullish ETH continues to remain above the $1500 level The average true range is indicating HIGH market volatility Ether: Bullish Reversal Seen Above $1321 ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1500 level and now we are testing the break of the $1600 handle. We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA20 in the daily time frame. We have also detected a bullish Doji star pattern in the 1-hour time frame. ETHUSD touched an intraday low of 1507 in the Asian Trading session and an intraday high of 1531 in the European trading session today. The STOCHRSI is indicating a NEUTRAL level. The key support levels to watch are $1432 which is a 38.2% Retracement from a 4-week high, and $1446 at which the price crosses 9-Day Moving Average. ETH has decreased by 3.18% with a price change of 50.14$ in the past 24hrs and has a trading volume of 10.105 billion USD. We can see an Increase 33.87% in the total trading volume in the last 24 hrs which appears to be normal. The Week Ahead ETH has already made a successful attempt at crossing the $1600 level and the next targets are located at $1700 and $1800 in the medium-term. At present, the price is moving in a consolidation channel above the $1500 level. We can see the formation of a bullish ascending channel from $1321 towards the $1542 level. The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions. The resistance zone is located at $1588 which is a pivot point 1st resistance point and at $1618 which is a 3-10 day MACD oscillator stalls. The weekly outlook is projected at $1700 with a consolidation zone of $1650. Technical Indicators: The relative strength index, RSI (14): is at 72.46 indicating a BUY The moving average convergence divergence, MACD (12,26): is at 79.85 indicating a BUY The ultimate oscillator: is at 60.41 indicating a BUY The rate of price change, ROC: is at 22.11 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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