ETHUSD and LTCUSD Technical Analysis – 28th JULY, 2022
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ETHUSD: Bullish Engulfing Pattern Above $1357
Ethereum was unable to sustain its bullish momentum and after touching a high of 1661 on 25th July started to decline against the US dollar coming down below the $1400 handle on 26th July.
We saw that after this decline, the prices started to stabilize above the $1350 handle, and then a pullback action was seen in the markets.
The prices started a bullish reversal which continues pushing the prices of Ethereum above the $1600 handle in the European trading session today.
We can clearly see a bullish engulfing pattern above the $1357 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 1622 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1629 and Fibonacci resistance level of 1634 after which the path towards 1700 will get cleared.
The relative strength index is at 62 indicating a strong market and the continuation of the uptrend in the markets.
We can see the progression of a bullish ascending trendline formation from $1357 to $1690, which indicates that we are heading towards $1700.
Both the commodity channel index and highs/lows are indicating a neutral market.
Some of the technical indicators are giving a buy market signal.
Most of the moving averages are giving a buy signal, and we are now looking at the levels of $1700 to $1850 in the short-term range.
ETH is now trading above both its 100 hourly simple and exponential moving averages.
Ether: Bullish Reversal Seen Above $1357
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ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1600 handle in the European trading session today.
We have also detected the formation of MA5 and MA10 crossover patterns located at 1630 and 1632 in the hourly time frame indicating that the price is likely to descend below after touching these levels in the short-term range.
We can see that the prices of Ethereum are slowly preparing for moving into a consolidation channel above the $1600 handle.
We can also see the formation of a bullish harami pattern in the 2-hour time frame indicating the bullish nature of the markets.
We can also witness the parabolic SAR bullish reversal in the daily timeframe, so the immediate targets visible now are $1650.
The key support levels to watch are $1500 and $1584, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend.
ETH has increased by 10.64% with a price change of 155$ in the past 24hrs and has a trading volume of 25.107 billion USD.
We can see an increase of 43.29% in the total trading volume in the last 24 hrs which is due to the buying seen at lower levels.
The Week Ahead
We can see that ETH is now making attempts to clear the resistance zone located at $1650, and with the continued bullish tendency, we are now heading towards the $1700 level.
The price of Ethereum is preparing to enter into a consolidation phase above the $1600 levels and we can see some range-bounded movements between the $1500 and $1700 levels this week.
The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions.
The prices of ETHUSD will need to remain above the important support levels of $1500 this week.
The weekly outlook is projected at $1750 with a consolidation zone of $1600.
Technical Indicators:
The relative strength index (14): at 62.09 indicating a BUY
The moving averages convergence divergence (12,26): at 41.18 indicating a BUY
The rate of price change: at 1.92 indicating a BUY
Bull/Bear power(13): at 23.28 indicating a BUY
Read Full on FXOpen Company Blog...
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ETHUSD: Bullish Engulfing Pattern Above $1357
Ethereum was unable to sustain its bullish momentum and after touching a high of 1661 on 25th July started to decline against the US dollar coming down below the $1400 handle on 26th July.
We saw that after this decline, the prices started to stabilize above the $1350 handle, and then a pullback action was seen in the markets.
The prices started a bullish reversal which continues pushing the prices of Ethereum above the $1600 handle in the European trading session today.
We can clearly see a bullish engulfing pattern above the $1357 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 1622 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1629 and Fibonacci resistance level of 1634 after which the path towards 1700 will get cleared.
The relative strength index is at 62 indicating a strong market and the continuation of the uptrend in the markets.
We can see the progression of a bullish ascending trendline formation from $1357 to $1690, which indicates that we are heading towards $1700.
Both the commodity channel index and highs/lows are indicating a neutral market.
Some of the technical indicators are giving a buy market signal.
Most of the moving averages are giving a buy signal, and we are now looking at the levels of $1700 to $1850 in the short-term range.
ETH is now trading above both its 100 hourly simple and exponential moving averages.
- Ether: a bullish reversal seen above the $1357 mark
- Short-term range appears to be mildly bullish
- ETH continues to remain above $1600
- The average true range is indicating less market volatility
Ether: Bullish Reversal Seen Above $1357
[You must be registered and logged in to see this image.]
ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1600 handle in the European trading session today.
We have also detected the formation of MA5 and MA10 crossover patterns located at 1630 and 1632 in the hourly time frame indicating that the price is likely to descend below after touching these levels in the short-term range.
We can see that the prices of Ethereum are slowly preparing for moving into a consolidation channel above the $1600 handle.
We can also see the formation of a bullish harami pattern in the 2-hour time frame indicating the bullish nature of the markets.
We can also witness the parabolic SAR bullish reversal in the daily timeframe, so the immediate targets visible now are $1650.
The key support levels to watch are $1500 and $1584, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend.
ETH has increased by 10.64% with a price change of 155$ in the past 24hrs and has a trading volume of 25.107 billion USD.
We can see an increase of 43.29% in the total trading volume in the last 24 hrs which is due to the buying seen at lower levels.
The Week Ahead
We can see that ETH is now making attempts to clear the resistance zone located at $1650, and with the continued bullish tendency, we are now heading towards the $1700 level.
The price of Ethereum is preparing to enter into a consolidation phase above the $1600 levels and we can see some range-bounded movements between the $1500 and $1700 levels this week.
The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions.
The prices of ETHUSD will need to remain above the important support levels of $1500 this week.
The weekly outlook is projected at $1750 with a consolidation zone of $1600.
Technical Indicators:
The relative strength index (14): at 62.09 indicating a BUY
The moving averages convergence divergence (12,26): at 41.18 indicating a BUY
The rate of price change: at 1.92 indicating a BUY
Bull/Bear power(13): at 23.28 indicating a BUY
Read Full on FXOpen Company Blog...