ETHUSD and LTCUSD Technical Analysis – 07th OCT, 2021


ETHUSD: Ether Above $3500

Ethereum is moving in a strong bullish momentum after crossing the $3500 handle, and any dip is reinforced with fresh buying pressure in ETHUSD. ETH is now on its path towards crossing the Fibonacci resistance levels of $3615 and classic resistance levels of $3644 today.

Ether is expected to maintain the bullish tone this week and continue towards the $4000 mark as the bulls take over. Today in the Asian trading session ETHUSD touched an intraday low of $3470.

ETH is now moving above both the 100 hourly and 200 hourly moving average. After reaching the $3600 level, prices are expected to consolidate towards $3550.

  • Ethereum is on a bullish run towards $3750
  • Short term to Medium term outlook remains bullish.
  • Staying above both the 100 hourly simple and exponential moving averages
  • The ETHUSD is expected to cross $3850 in the opening of next week.

Ether Uptrend Channel Formations

ETHUSD is moving in uptrend channel formations by staying above the $3500 levels. Ethereum is now on its path towards $3600 after clearing the 50-day moving average of $3500.82. The volatility in ETHUSD is lower today, and more trading volumes could be seen this week.

ETH gained 5.73% with a price change of +$196.88 in the past 24hrs, and has a trading volume of 22.478 billion USD.

The Week Ahead

Ethereum is moving in a bullish tone this week, and any dips are well supported, pushing its prices above the $3500 mark. A short-term correction is expected once the price reaches $3600 after which the path towards $4000 will be cleared.

Since the average direction change (14-day) is neutral, ETHUSD may enter into a consolidation or correction phase at any time; but the renewed buying pressure that is seen will steer its prices above $3600 today in the US trading session.

This week, ETH is expected to close above the $3800 level, and the trend will continue in the opening of the next week.

Technical Indicators:

StochRSI (9,6): at 63.86 indicating a BUY

Moving averages convergence divergence (14-day): at 18.72 indicating a BUY

Ultimate oscillator: at 61.79 indicating a BUY

Bulls/Bears power (13-day): at 18.187 indicating a BUY

LTCUSD – Bullish Divergence Pattern Above $160

Litecoin is currently trading above the $180 handle in the European trading session. It has already crossed its 100 hourly and 200 hourly moving averages. After touching an intraday low of $173.45 in the Asian trading session today, it gained traction, and buying support was seen pushing its prices well above the $185 mark. All the major technical indicators and moving averages are signaling a STRONG BUY at current market prices.

Litecoin is now facing its classic resistance levels of 187 and Fibonacci resistance levels of 186.65 in the European trading session. Both the short term and medium term outlook for Litecoin appears bullish, and the 100-day moving average indicates a STRONG BUY.

  • Average direction change (14-day) and ultimate oscillator are both indicating a BUY at the current market levels of $182.20
  • Bullish trend line formation above the $173 handle
  • Simple and exponential moving averages indicate a STRONG BUY
  • Dips remain well supported above the $170 mark

Litecoin Bullish Trend Line Formations

LTCUSD is moving in a bullish divergence pattern above $160, and there is no selling pressure seen below these levels.

Litecoin price has been on a bullish momentum today and is now facing its Camarilla resistance levels of 185.70 and a DeMark  resistance level of 187.60.

Litecoin is trading with high market volatility today. It touched an intraday high of 186.85 in the London trading session. In the last 24hrs, LTCUSD has grown by +10.60% at +17.49$, and has a 24hr trading volume of USD 3.874 Billion.

The Week Ahead

Litecoin was moving in consolidation at the start of this week. But now, bullish trend line formation is seen above the $173 level, indicating that the prices can go much higher than the current market levels in the medium term.

It is expected to reach $187.50 as immediate targets this week and later are moving towards the 190-195 handle.

Technical Indicators:

Rate of price change: at 0.660 with a BUY

Commodity channel index (14-day): at 100.77 with a BUY

Moving averages convergence divergence (12,26): at 2.149 with a BUY

Average true range (14-day): indicating high volatility

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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.

Latest from Cryptocurrencies

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Forex Analysis

Market Analysis: American Currency Rises Sharply after Fed Meeting

As expected, the decision on the interest rate had a powerful impact on the markets. Thus, the euro/US dollar pair lost more than 100 pp in just a couple of hours and updated its recent low at 1.0630,


Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use


Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.