ETHUSD and LTCUSD Technical Analysis – 11th NOV, 2021


ETHUSD: Evening Star Pattern Above $4,500

We observed Ethereum moving in a bearish channel after it touched an all-time high of $4,865, continuing with a sharp drop in profit-taking seen across all the major cryptocurrency exchanges.

The price dynamics of Ethereum has shown an Evening Star pattern above the $4,500 handle, signifying a potential reversal of the bearish trend and the continuation of the medium to long-term bullish trend.

ETHUSD touched an intraday high of $4,847 in yesterday’s US trading session, after which the price saw a downward correction of more than 7%, dropping to an intraday low of $4,471. A consolidation wave towards the level of $4,600 followed next.

ETH is now trading above its classic support level of $4,647 and Fibonacci support level of $4,675. In today’s US trading sessions, it is forming a bearish trend reversal pattern and is about to enter the bullish channel once again.

The bearish correction occurred due to profit taking seen at higher levels, but the dips remain well supported. The price of Ethereum continues to trade above the $4,600 handle in the European trading session.

All the major technical indicators are giving a STRONG BUY signal.

ETH is now trading just above its 200 hourly simple and exponential moving averages.

  • Ethereum trend reversal pattern is seen above the level of $4,500
  • Mid-term range appears to be bullish for ETHUSD
  • Average true range indicates less market volatility
  • Relative strength index is NEUTRAL

Ether Bearish Trend Reversal Above $4,500 Confirmed

ETHUSD has been surging in a steep trend line since 20th Jul, 2021 when it was ranging at the level of $1,700, yielding its long-term investors profits on a continuous basis.

The uptrend rally is not yet over, and we are still awaiting for Ether to cross the $5,000 handle, after which more upsides will be seen towards the $5,200 to $5,500 range in the coming months.

At present, the price of Ethereum is in a aub-consolidation phase, forming a bearish trend reversal pattern since yesterday.

The relative strength index is at 45, indicating a NEUTRAL market; we could see a range bound movement in the prices of ETHUSD in the US trading session today.

ETH has lost 0.22% with a price change of -$10.33 in the past 24hrs, and has a trading volume of 23.638 billion USD.

The Week Ahead

We have seen a moving averages crossover in the 5-hour range, which signifies a short-term potential trend reversal. ETHUSD will need to remain above the $4,700 handle for the bullish trend confirmation, and this week, we are looking for levels of $4,800 to $4,950.

StochRSI is OVERBOUGHT which indicates that the prices are going to REVERSE very soon.

The current levels are very attractive for entering into the markets with the target of $5,000.

The price of ETHUSD has already broken its pivot level of $4,674 and Fibonacci resistance level of $4,700. We should see the prices of ETHUSD touching an all-time high again next week, printing at above the $5,000 handle.

Technical Indicators:

Stoch (9,6): at 74.34 indicating a BUY

Average directional change (14-day): at 21.96 indicating a BUY

Ultimate oscillator: at 68.83 indicating a BUY

Commodity channel index (14-day): at 60.54 indicating BUY

LTCUSD: Rounding Bottom Pattern Above $250

Litecoin started a major bearish correction yesterday after touching an intraday high of $294, after which it has entered into a consolidation phase.

We can see a rounding bottom pattern today which signifies a potential bearish trend reversal in the short-term range. The lower part of this bottom is above the $250 handle which means that the prices of Litecoin will remain supported above these levels.

Litecoin is now trading above its 100 hourly simple and exponential moving averages. The price of LTCUSD has already crossed its pivot level of $263.93.

We can now see a bullish breakout above $260 which will aim for the upside targets of $275 to $290 in the coming days.

We can also observe an uptrend across all the time frames. The medium to long-term outlook for Litecoin remains bullish.

  • All the major technical indicators are giving a STRONG BUY Signal
  • Litecoin is now facing its major resistance levels of $275
  • Uptrend is seen in short-term range
  • Relative strength index is NEUTRAL

Litecoin Trend Reversal Above $250 Confirmed

The price of Litecoin is witnessing renewed buying pressure and is expected to break above the $280 handle at any time.

The price of LTCUSD is now facing its classic resistance level of 273.06 and Woodies resistance level of 273.80, after which the path towards $290 will get cleared.

Litecoin is trading with less market volatility today, and the prices are expected to enter into a consolidation/correction phase. In the last 24hrs, LTCUSD has gone UP by +1.72% with a price change of +4.61$, and has a 24hr trading volume of 7.400 billion USD.

The Week Ahead

Litecoin is witnessing increased trading volumes leading to higher market liquidity after its rally towards the $290 handle. We can now see that Litecoin dips remain well supported above the $250 level, so we would need to wait for a confirmation of this trend reversal today.

This appears to be the correct time to enter the markets for upside targets of $290 to $300 in the coming days.

StochRSI is indicating OVERBOUGHT levels, which also signifies a short-term trend reversal pattern. Average true range is indicating less market volatility, while the commodity channel index is NEUTRAL.

We could witness levels of $290 to $295 this week, and next week, Litecoin is expected to trade at above $300.

Technical Indicators:

Ultimate oscillator: at 69.55 with a BUY

Stoch (9,6): at 58.24 with a BUY

Average directional change (14-day): at 25.81 indicating NEUTRAL

Bull/Bear power (13-day): at 1.11 indicating a BUY

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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