ETHUSD and LTCUSD Technical Analysis – 10th FEB, 2022

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ETHUSD: Bullish Pennant Pattern Above $3,000

This week, Ethereum continues its bullish momentum after touching a low of $2,575 on February 3rd. On February 8th, we saw Ethereum making a strong bullish move in the form of a rally and crossing the level of $3,000.

ETHUSD continues to maintain its consolidation above the level of $3,000 and is currently trading at $3,194 in the European trading session.

We can clearly see a bullish pennant pattern above the $3,000 handle which is a bullish pattern and signifies a bullish continuation, forming an uptrend.

ETH is now trading just above its pivot level of $3,187 and moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,196 and Fibonacci resistance level of $3,202 after which the path towards $3,400 will get cleared.

The relative strength index is at 53 indicating a NEUTRAL market sentiment which is expected to shift towards the bullish sentiment.

Some of the technical indicators are giving a BUY market signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

  • Ether bullish momentum is seen above the $3,000 mark
  • Short-term range appears to be mildly BULLISH
  • Commodity channel index is indicating a NEUTRAL market
  • Average true range is indicating LESS market volatility

Ether: Bullish Momentum Seen Above $3,000

ETHUSD continues to move in a bullish channel above the $3,000 handle in today’s European trading session.

The price of Ethereum has crossed the 50-day simple moving average at $3,142, indicating a bullish outlook, and we are now looking at the targets of 3,300 and 3,500.

The Stoch and rate of price change are indicating a short-term correction which is expected at levels below 3,200.

The daily RSI is printing at 59 which also indicates a stronger demand for Ethereum in the long-time frame.

The bullish line formation above its 100-day simple moving average of 3106 indicates that we are heading towards $3,500.

The key support level to watch is $3,000, and as of now, the price remains above this levels.

ETH has gained 3.17% with a price change of 98.32$ in the past 24hrs, and has a trading volume of 13.426 billion USD.

We can see a decrease of 7.54% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum continues to move in a strongly bullish momentum after touching a low of $2,199 on 24th January. The price has jumped by more than 40% in the form of a rally, and now we are observing a consolidation in its levels.

If the price of ETHUSD continues to remain above the $3,000 handle, as seen today, it will start the next leg of its bullish move towards the $3,500 handle the next week.

The immediate short-term outlook for Ether has turned BULLISH, the medium-term outlook is strongly BULLISH, and the long term outlook for Ether is BULLISH towards the $3,500 handle.

We have detected an MA5 crossover pattern above 3,181,which signifies a bullish move in the short-term.

This week, Ether is expected to move in a range between $3,200 and $3,400, while next week, Ether is expected to trade at levels above $3,500.

Technical Indicators:

Moving averages convergence divergence (12,26): at 11.10 indicating a BUY

Average Directional Change (14-day): at 40.85 indicating a BUY

Bull/Bear Power(13-day): at 7.94 indicating a BUY

StochRSI (14-day): at 22.77 indicating an OVERSOLD market

LTCUSD: Double Bottom Pattern Above $130

Litecoin touched a low of 105.78 on 3rd February, followed by a strong bullish momentum which managed to push its price above the $140 handle on 8th February.

In today’s Asian trading session, LTUCSD touched a low of 136.23, and has entered into a consolidation zone above the $136 handle in the European trading session.

We can clearly see a double-bottom pattern above the $130 handle, which is a bullish pattern signifying the uptrend’s continuation.

Litecoin is now trading below its 100 hourly simple moving average and 200 hourly exponential moving average. The price of LTCUSD is just above its pivot level of 137.70.

The relative strength index is at 58 indicating a STRONG demand for Litecoin and the continuous buying pressure from global crypto investors.

All of the moving averages are giving a STRONG BUY signal at current market levels of 139.20.

The ultimate oscillator is indicating an overbought market which means that we can expect a short-term correction in its price.

The short-term outlook for Litecoin has turned BULLISH.

  • All of the major technical indicators are giving a STRONG BUY signal
  • Bullish momentum is seen above $130
  • Williams percent range is indicating an overbought market
  • Average true range is indicating a LESSER market volatility

Litecoin: Bullish Momentum Above $130 Continues

The price of Litecoin continues to appreciate against the US dollar, and is now trading above the $130 handle.

We can see a move towards the consolidation phase which is expected to keep its prices above $135.

Litecoin continues to remain above the 50-day simple moving average of 132.65 which indicates a strong bullish potential with an upside target of $150.

The rising on-balance volume is also indicating that more buyers are entering into the markets than the sellers.

The price of LTCUSD is now facing its classic resistance level of 143.30 and Fibonacci resistance level of 146.50, after which the path towards $150 will get cleared.

The daily RSI is printing at 61 which indicates a stronger demand for Litecoin in the long-time frame, and we can now see the levels of 145 to 150.

In the last 24 hrs, LTCUSD has gone up by 1.03% with the price change of 1.43$, and has a 24-hr trading volume of 0.930 billion USD.

Litecoin trading volume has decreased by 21.60% as compared to yesterday, which appears to be normal.

The Week Ahead

We have seen a rally in Litecoin after it touched a low of 107.42 on 3rd February. With a jump of close to 29%, this marks the longest short-term appreciation in the prices of Litecoin this year.

Litecoin has already entered into a consolidation channel above the $135 handle. If the prices of LTCUSD continue to remain above these levels then we can see a bullish continuation pattern towards $145 within the next week.

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

This week we are looking at levels of $142 to $145, and next week, Litecoin is expected to trade at levels above $145.

Technical Indicators:

Moving averages convergence divergence (12,26): at 1.002 indicating a BUY

Stoch (9,6): at 74.96 indicating a BUY

Rate of price change: at 30.09 indicating a BUY

Average direction change (14-day): at 40.95 indicating a BUY

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