ETHUSD and LTCUSD Technical Analysis – 04th AUG, 2022
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ETHUSD – Three Inside Down Pattern Below $1783
Ethereum was unable to sustain its bullish momentum and after touching a high of 1762 on 30th July started to decline against the US Dollar coming down below the $1600 handle on 02nd Aug.
The selloff that we saw was due to the strength of the US Dollar and its subsequent effect on the prices of the ETHUSD.
We can clearly see a Three Inside Down Pattern Below the $1783 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.
ETH is now trading just above its Pivot levels of 1619 and is moving into a Mild Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1591 and Fibonacci support levels of 1612 after which the path towards 1600 will get cleared.
Relative Strength Index is at 40 indicating a WEAK market and the continuation of the Downtrend in the markets.
We can see that Aroon Indicator is giving the Bearish signal in the 2 hourly timeframe.
Both the STOCHRSI and Williams Percent Range are indicating an Oversold market, which means that the prices are due for an Upwards correction.
All of the Technical indicators are giving a STRONG SELL market Signal.
All of the Moving Averages are giving a STRONG SELL Signal and we are now looking at the levels of $1600 to $1550 in the short-term range.
ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.
• Ether Bearish Reversal seen Below the $1783 mark.
• Short-term range appears to be Mild BEARISH.
• ETH continues to remain above the $1600 levels.
• Average True Range is indicating LESS Market Volatility.
Ether Bearish Reversal Seen Below $1783
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ETHUSD is now moving into a Mild Bearish Channel with the prices trading above the $1600 handle in the European Trading session today.
We have also detected the formation of the Adaptive Moving Average 20 and 50 Crossover pattern in the 2 hourly time-frame indicating that the price is likely to descend in the short-term range.
We can see the formation of a Major contraction triangle below the $1700 levels in the 1-hour timeframe.
The key support levels to watch are $1595 and $1506 and the prices of ETHUSD need to remain above these levels for any potential Bullish reversal in the markets.
ETH has decreased by 1.93% with a price change of 31$ in the past 24hrs and has a trading volume of 15.964 Billion USD.
We can see a Decrease of 14.86% in the total trading volume in last 24 hrs. which appears to be Normal.
The Week Ahead
We can see that ETH failed to clear its Major resistance zone located at $1800 levels and is now preparing to enter into a consolidation phase above the $1600 levels.
The prices of Ethereum are slowly recovering against the US Dollar and we can see some range bound moves in the short-term range.
The immediate short-term outlook for the Ether has turned as Mild BEARISH, the medium-term outlook remains 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.
Weekly outlook is projected at $1650 with a consolidation zone of $1500.
Technical Indicators:
Relative Strength Index (14): It is at 40.99 indicating a SELL.
Moving Averages Convergence Divergence (12,26): It is at -1.66 indicating a SELL.
Rate of Price Change: It is at -2.17 indicating a SELL.
Ultimate Oscillator: It is at 31.86 indicating a SELL.
VIEW FULL ANALYSIS VISIT - FXOpen Blog
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ETHUSD – Three Inside Down Pattern Below $1783
Ethereum was unable to sustain its bullish momentum and after touching a high of 1762 on 30th July started to decline against the US Dollar coming down below the $1600 handle on 02nd Aug.
The selloff that we saw was due to the strength of the US Dollar and its subsequent effect on the prices of the ETHUSD.
We can clearly see a Three Inside Down Pattern Below the $1783 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.
ETH is now trading just above its Pivot levels of 1619 and is moving into a Mild Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1591 and Fibonacci support levels of 1612 after which the path towards 1600 will get cleared.
Relative Strength Index is at 40 indicating a WEAK market and the continuation of the Downtrend in the markets.
We can see that Aroon Indicator is giving the Bearish signal in the 2 hourly timeframe.
Both the STOCHRSI and Williams Percent Range are indicating an Oversold market, which means that the prices are due for an Upwards correction.
All of the Technical indicators are giving a STRONG SELL market Signal.
All of the Moving Averages are giving a STRONG SELL Signal and we are now looking at the levels of $1600 to $1550 in the short-term range.
ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.
• Ether Bearish Reversal seen Below the $1783 mark.
• Short-term range appears to be Mild BEARISH.
• ETH continues to remain above the $1600 levels.
• Average True Range is indicating LESS Market Volatility.
Ether Bearish Reversal Seen Below $1783
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ETHUSD is now moving into a Mild Bearish Channel with the prices trading above the $1600 handle in the European Trading session today.
We have also detected the formation of the Adaptive Moving Average 20 and 50 Crossover pattern in the 2 hourly time-frame indicating that the price is likely to descend in the short-term range.
We can see the formation of a Major contraction triangle below the $1700 levels in the 1-hour timeframe.
The key support levels to watch are $1595 and $1506 and the prices of ETHUSD need to remain above these levels for any potential Bullish reversal in the markets.
ETH has decreased by 1.93% with a price change of 31$ in the past 24hrs and has a trading volume of 15.964 Billion USD.
We can see a Decrease of 14.86% in the total trading volume in last 24 hrs. which appears to be Normal.
The Week Ahead
We can see that ETH failed to clear its Major resistance zone located at $1800 levels and is now preparing to enter into a consolidation phase above the $1600 levels.
The prices of Ethereum are slowly recovering against the US Dollar and we can see some range bound moves in the short-term range.
The immediate short-term outlook for the Ether has turned as Mild BEARISH, the medium-term outlook remains 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.
Weekly outlook is projected at $1650 with a consolidation zone of $1500.
Technical Indicators:
Relative Strength Index (14): It is at 40.99 indicating a SELL.
Moving Averages Convergence Divergence (12,26): It is at -1.66 indicating a SELL.
Rate of Price Change: It is at -2.17 indicating a SELL.
Ultimate Oscillator: It is at 31.86 indicating a SELL.
VIEW FULL ANALYSIS VISIT - FXOpen Blog