ETHUSD and LTCUSD Technical Analysis – 09th MAR, 2023

FXOpen

ETHUSD: Bearish Engulfing Pattern Below $1677

Ethereum was unable to sustain its bullish momentum and after touching a high of $1677 on 02nd Mar, the price started to decline against the US dollar  trading below the $1550 handle today in the European trading session.

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

The price of ETHUSD is ranging near a new record low of 1 month.

We can clearly see a bearish engulfing pattern below the $1677 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 below its pivot levels of 1537 and moving in a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1530 and Fibonacci support level of 1536 after which the path towards 1500 will get cleared.

We can see the formation of a black hanging man in the 4-hour time frame indicating a neutral tone of the markets.

The relative strength index is at 40.95 indicating a weak demand for Ether and a shift towards the consolidation phase in the markets.

The commodity channel index, CCI, is giving an oversold signal, which means that the price is expected to correct upwards in the short-term range.

Most of the technical indicators are giving a sell market signal.

Most of the moving averages are giving a sell signal at the current market level of $1531.

ETH is now trading below both its 100 hourly simple and 100 hourly exponential moving averages.

  • Ether: bearish reversal seen below the $1677 mark.
  • The short-term range appears to be mildly bearish.
  • ETH continues to remain below the $1550 level.
  • The average true range is indicating less market volatility.

Ether: Bearish Reversal Seen Below $1677

ETHUSD continues to weaken and we can see a move towards the consolidation phase in the markets. Now the next visible targets are located at $1500 and $1450.

We can see the formation of the three black crows pattern in the 2-hour time frame indicating bearish trends.

The MACD crosses down its moving average in the 30-minute time frame indicating the bearish nature of the market.

ETHUSD touched an intraday high of 1552 in the Asian trading session and an intraday low of 1528 in the London trading session today.

The key support levels to watch are $1446 which is a 50% retracement from a 13 week high/low, and $1486 at which the price crosses 18-day moving average stalls.

ETH has decreased by 1.27% with a price change of 19.71$ in the past 24hrs and has a trading volume of 7.237 billion USD.

We can see a decrease of 0.87% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH was unable to cross the $1700 handle last week and now we are about to touch the $1500 level. If the demand for Ethereum increases we could witness a bounce in the levels next week.

We can see the formation of a bearish ascending channel from $1677 towards the $1522 level.

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

The resistance zone is located at $1575 which is a 14-3 day raw stochastic at 20% and at $1586 which is a 14-day RSI at 50%.

The weekly outlook is projected at $1450 with a consolidation zone of $1500.

LTCUSD: Hanging Man Pattern Below $98.36

Litecoin was unable to sustain its bullish momentum last week and after touching a high of $98.36 on 02nd Mar, the prices started to decline against the US dollar trading below the $83 handle today in the European trading session.

The prices are ranging near a new record low of 1 month.

We can clearly see a hanging man pattern below the $98.36 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

Litecoin is now trading below its 100 hourly simple moving average and above its 200 hourly simple moving average. The price of LTCUSD is just above its pivot level of 82.77

The relative strength index is at 39.31 indicating a weak demand for Litecoin and the continuation of the selling pressure in the markets.

The prices of Litecoin continue to remain below all of the moving averages, which are now giving a sell signal at current market levels of 82.82.

The STOCHRSI is giving a neutral signal, which means that the prices are expected to remain in a consolidation phase in the short-term range.

The Williams percent indicator is back under 50 in the weekly time frame indicating bearish trends.

The short-term outlook for Litecoin has turned mildly bearish.

  • Most of the technical indicators are giving a strong sell signal.
  • Litecoin: bearish reversal seen below the $98.36 level.
  • STOCHRSI is giving a neutral signal.
  • The average true range is indicating less market volatility.

Litecoin: Bearish Reversal Seen Below $98.36

The price of Litecoin continues to move in a bearish momentum and now we are looking to touch $82.00 this week. After the current market consolidation wave gets over, we could see some upwards correction in the markets.

The parabolic SAR indicator is giving a bearish reversal signal in the weekly time frame.

We can see the formation of the moving average bearish crossover pattern with MA20 and MA50 in the daily time frame.

The price of LTCUSD is now facing its classic support level of 81.88 and Fibonacci support level of 82.54 after which the path towards $82 will get cleared.

Litecoin touched an intraday low of $81.64 in the Asian trading session and an intraday high of $83.50 in the European trading session today.

Litecoin is now facing its resistance zone at $86.54 which is a 14-3 day raw stochastic at 20%, and at $88.43 which is a 38.2% retracement from a 13 week high.

LTCUSD has decreased by 2.85% with a price change of 2.43$ in the past 24hrs and has a trading volume of 0.492 billion USD.

Litecoin’s trading volume has decreased by 3.82% compared to yesterday which is due to the market consolidation.

The Week Ahead

The price of Litecoin continues to decline amid bearish formations and now we are about to touch the $82.00 level.

We have also detected the formation of a bearish harami and bearish harami cross pattern in the 15-minute time frame indicating bearish trends.

The price of Litecoin needs to remain above the important support levels of $78.92, which is a 3-10 day MACD oscillator stalls, and at $81.48 which is a 1-month low.

The short-term outlook for Litecoin has turned mildly bearish, the medium-term outlook is bearish, and the long-term outlook is neutral at present market conditions.

The weekly outlook is projected at $80 with a consolidation zone of $81.50.

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