ETHUSD and LTCUSD Technical Analysis – 22nd SEP, 2022
ETHUSD: Hammer Pattern Above $1220
Ethereum was unable to sustain its bullish momentum and after touching a high of 1393 on 21st Sep the prices started to decline against the US dollar. The prices of Ethereum touched a low of 1220 on 22nd Sep after which we can see a bounce upwards.
We can see a continued buying pressure today and we can see the formation of a bullish harami cross pattern in the 15-minutes time frame.
We can clearly see a hammer pattern above the $1220 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 above its pivot level of 1288 and is moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1298 and Fibonacci resistance level of 1308 after which the path towards 1400 will get cleared.
The relative strength index is at 47 indicating a NEUTRAL demand for Ether and a shift towards a consolidation phase in the markets.
We can see that the adaptive moving average AMA50 and MA50 both are giving a bullish trend reversal signal in the markets.
The STOCHRSI is 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.
Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1400 to $1500 in the short-term range.
ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages.
- Ether: bullish reversal seen above the $1220 mark
- Short-term range appears to be mildly BULLISH
- ETH continues to remain above the $1200 level
- The average true range is indicating LESS market volatility
Ether: Bullish Reversal Seen Above $1220
ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1250 handle in the European trading session today.
ETH touched an intraday low of 1220 in the Asian trading session and an intraday high of 1297 in the European trading session today.
We have seen that the prices are near support of the channel indicating a bullish scenario.
The moving average MA100 is also indicating the bullish tone in the daily timeframe and now we are looking at the levels of 1500 to 1600 in the medium-term range.
The daily RSI is printing at 35 indicating a neutral demand in the long-term range.
The key support levels to watch are $1200 and $1258, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.
ETH has decreased by 3.54% with a price change of 47.38$ in the past 24hrs and has a trading volume of 22.404 billion USD.
We can see an increase of 61.35% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels by the medium-term investors.
The Week Ahead
The prices have been ranging into an oversold zone from last week and an upwards correction is expected. We are now looking for a sharp rally into the markets towards the $1600 levels.
The recent fall in the levels of Ethereum is attributed to the Federal Reserve which hiked the key interest rates for the third time this year.
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 in present market conditions.
The prices of ETHUSD will need to remain above the important support level of $1200 this week.
The weekly outlook is projected at $1500 with a consolidation zone of $1400.
Technical Indicators:
The average directional change (14): is at 16.88 indicating a NEUTRAL level
The Williams percent range: is at -36.05 indicating a BUY
The bull/bear power (13): is at 12.62 indicating a BUY
The ultimate oscillator: is at 52.57 indicating a BUY
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