ETHUSD and LTCUSD Technical Analysis – 02nd FEB, 2023

FXOpen

ETHUSD: Three White Soldiers Pattern Above $1535

Ethereum was unable to sustain its bearish momentum and after touching a low of 1535 on 30th Jan, the price started to correct upwards against the US dollar crossing the $1650 handle today in the Asian trading session.

After touching a high of $1694 the prices have retracted due to profit taking by the medium-term investors.

We have seen a bullish opening of the markets this week.

We can clearly see a three white soldiers pattern above the $1535 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 1665 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1668 and Fibonacci resistance level of 1673 after which the path towards 1700 will get cleared.

We have also seen the formation of a Bullish engulfing line in the weekly time frame.

The price of Ethereum is ranging near the support of the channel in the 15-minute time frame indicating a bullish scenario.

The relative strength index is at 68.86 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is indicating an overbought market, which means that the price is 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 level of $1666.

ETH is now trading above both the 100 hourly simple and 100 hourly exponential moving averages.

  • Ether: bullish reversal seen above the $1535 mark
  • Short-term range appears to be strongly bullish
  • ETH continues to remain above the $1650 level
  • The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1535

ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1600 level and now we are testing the break of the $1700 handle.

We can see the formation of a B=bullish price crossover pattern with adaptive moving average AMA20 in the weekly time frame.

The momentum indicator is back over zero in the daily time frame indicating bullish trends.

We have also detected the formation of a bullish harami pattern in the 4-hour time frame.

ETHUSD touched an intraday low of 1633 and an intradayhHigh of 1694 in the Asian trading session today.

The STOCHRSI is indicating an oversold level, which indicates that the prices will continue to rise in the medium-term range.

The key support levels to watch are $1594 which is a 14-3 day raw stochastic at 50%, and $1637 at which the price crosses 9-day moving average stalls.

ETH has increased by 5.88% with a price change of 92.60$ in the past 24hrs and has a trading volume of 9.958 billion USD.

We can see an increase of 60.00% in the total trading volume in the last 24 hrs which is due to heavy buying seen at lower levels.

The Week Ahead

ETH has already made a failed attempt to cross the $1700 level by touching $1694 today. Now we are expecting a retest of the $1700 breach after which the next targets are located at $1800 and $1900 levels.

At present, the prices are moving in a consolidation channel above the $1650 level.

We can see the formation of a bullish ascending channel from $1535 towards the $1684 level.

The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral in present market conditions.

The resistance zone is located at $1701 which is the pivot point 2nd resistance level and at $1868 which is a 14-day RSI at 80%.

The weekly outlook is projected at $1800 with a consolidation zone of $1750.

LTCUSD: Three Inside Up Pattern Above $85.82

Litecoin was unable to sustain its bearish momentum last week, and after touching a low of $85.82 on 27th Jan, the price started to move upwards against the US dollar crossing the $102 handle today in the European trading session.

The price of Litecoin is  ranging near a new record high of 1 year.

We can clearly see a three inside up pattern above the $80.40 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

Litecoin is now trading above its 100 hourly simple moving averages and above its 200 hourly simple moving averages. The price of LTCUSD is just above its pivot level of 100.18.

The relative strength index is at 69.59 indicating a very strong demand for Litecoin and the continuation of the buying pressure in the markets.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a buy signal at current market levels of 100.13.

Both the STOCHRSI and Williams percent range are giving an overbought signal, which means that the prices are expected to decline in the short-term range.

We can see that the resistance of the channel is broken in the daily time frame.

The short-term outlook for Litecoin has turned strongly bullish.

  • Most of the technical indicators are giving a BUY signal
  • Litecoin: bullish continuation seen above the $85.82 level
  • The commodity channel index is also giving an overbought signal
  • The average true range is indicating HIGH market volatility

Litecoin: Bullish Continuation Seen Above $85.82

The prices of Litecoin continue to move in a strong bullish momentum against the US dollar having already crossed the $100 and $102 levels. We are now looking to breach the $105 level.

The relative strength index indicator is back over 50 in the 1-hour time frame indicating the bullish nature of the markets.

The price of LTCUSD is now facing its classic resistance level of 103.89 and Fibonacci resistance level of 107.45 after which the path towards $110 will get cleared.

Litecoin touched an intraday high of $102.30 in the Asian trading session and an intraday low of $99.62 in the European trading session today.

Litecoin is now facing its resistance zone at $101.13 which is a 3-10 day MACD oscillator stalls and at $104.26 which is a 61.8% retracement from the 52 week low.

LTCUSD has increased by 4.47% with a price change of 4.29$ in the past 24hrs and has a trading volume of 0.847 billion USD.

Litecoin’s trading volume has increased by 10.19% compared to yesterday due to the buying seen at lower levels.

We can see that the total market capitalization, TMC, of Litecoin has increased by 4.50% compared to yesterday standing at $7.240 billion USD.

The Week Ahead

The price of Litecoin has been successful in clearing the $100 resistance and now the next potential upsides are located at $105 level.

We can see that the price of Litecoin has seen a downward correction after reaching the $102 levels.

The price of Litecoin needs to remain above the important support levels of $95.63 which is a 14-3 day raw stochastic at 80%, and $96.69 which is a 14 day RSI at 70%.

The short-term outlook for Litecoin has turned strongly Bullish, the medium-term outlook is bullish, and the long-term outlook is neutral under present market conditions.

The weekly outlook is projected at $110 with a consolidation zone of $105.



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