ETHUSD and LTCUSD Technical Analysis – 10th NOV, 2022

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ETHUSD: Hammer Pattern Above $1072

Ethereum was unable to sustain its bullish momentum, and after touching a high of 1654 on 05th Nov, the price started to decline against the US dollar touching a low of 1079 on 10th Nov, 2022.

Today we can see some upwards correction in the price of Ethereum which has touched $1200 handle in the European trading session.

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

We can clearly see a hammer pattern above the $1072 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 1203 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1230 and Fibonacci resistance level of 1246 after which the path towards 1300 will get cleared.

The relative strength index is at 47 indicating a neutral market and a shift towards the correction and consolidation phase in the markets.

We can see that the price is back over the pivot point indicating a bullish scenario in the daily time frame.

The STOCHRSI is indicating an overbought market, which means that the prices are expected to decline in the short-term range.

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

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1350 to $1400 in the short-term range.

ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages.

  • Ether: bullish reversal seen above the $1072 mark
  • Short-term range appears to be mildly bullish
  • ETH continues to remain above the $1100 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1072

ETHUSD is now moving into a mildly bullish channel with the price trading above the $1150 handle in the European trading session today.

ETH touched an intraday low of 1127 in the Asian trading session and an intraday high of 1217 in the European trading session today.

We can see a bullish trend reversal signal with moving average MA50 in the 15-minute time frame.

Some of the technical indicators still continue to give bearish signals including the rate of price change.

The price of Ethereum is marching towards a nullish zone against the US dollar and bitcoin. ETHUSD could continue to move higher back towards the $1400 level.

The daily RSI is printing at 36 indicating a very weak demand for Ether in the long-term range.

The key support levels to watch are $1077 which is a 1-month low, and 1184 which is a pivot point.

ETH has increased by 1.79% with a price change of 20.91$ in the past 24hrs and has a trading volume of 36.854 billion USD.

We can see a decrease of 13.76% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of ETH continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1300 and $1400 levels this week.

On the upside, we are now looking at the immediate targets of 1303 which is a 38.2% retracement from a 4-week low, and 1372 which is a 50% retracement from 4-week high/low.

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

The price of ETHUSD will need to remain above the important support levels of $1188 which is the last support point.

The weekly outlook is projected at $1450 with a consolidation zone of $1350.

Technical Indicators:

The average directional index ADX (14): is at 37.20 indicating a BUY

The rate of price change: is at 3.057 indicating a BUY

The bull/bear power (13): is at 37.90 indicating a BUY

High/lows (14): is at 25.17 indicating a BUY

LTCUSD: Bearish Engulfing Pattern Below $73.31

Litecoin was unable to sustain its bullish momentum last week, and after touching a high of 72.85 on 07th Nov the price started to decline against the US dollar touching a low of $47.58 today in the European trading session.

We can see that the price is near resistance of the channel indicating the bearish trend in the 1-hour time frame.

The RSI indicator is also back under 50 giving bearish signals in the weekly time frame.

We can clearly see a bearish engulfing pattern below the $73.31 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 below its 200 hourly exponential moving average. The price of LTCUSD is just below its pivot level of 54.13.

The relative strength index is at 43.78 indicating a WEAK demand for Litecoin and the continuation of the selling pressure into the markets.

We can see that the parabolic SAR indicator is giving bearish reversal signals in the weekly time frame.

Litecoin touched an intraday low of $51.98 in the Asian trading session and an intraday high of $54.80 in the European trading session today.

The price of Litecoin continues to remain below most of the moving averages, which are now giving a STRONG SELL signal at current market levels of 52.90

The STOCHRSI is indicating an overbought level, which means that the price is expected to correct downwards in the short-term range.

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

  • Some of the technical indicators are giving a SELL signal
  • Litecoin: bearish reversal seen below the $73.31 level
  • The commodity channel index is indicating a neutral level
  • The average true range is indicating LESS market volatility

Litecoin: Bearish Reversal Seen Below $73.31

We can see that the price of Litecoin remainw vulnerable to further losses towards the $50 handle.

We can see the formation of a bearish price crossover pattern with the adaptive moving average AMA20 in the weekly time frame and AMA50 in the daily time frame.

The momentum indicator is back under zero giving a bearish signal in the weekly time frame.

The price of Litecoin is ranging near a new record low of 1 month in the weekly time frame.

The price of LTCUSD is now facing its classic support level of 52.34 and Fibonacci support level of 53.71 after which the path towards $50 will get cleared.

The daily RSI is printing at 42.83 which is indicating a weak demand for Litecoin and the continuation of the selling pressure in the short-term range.

LTCUSD has decreased by 5.36% with a price change of 3.01$ in the past 24hrs and has a trading volume of 1.611 billion USD.

Litecoin’s trading volume has increased by 21.33% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin has already declined below the $55 handle, and now the immediate targets are $52 and $50.

We can see the formation of a bearish trend line in place from the $73.31 levels towards the $51.41 levels.

The price of Litecoin needs to remain above the important support level of $52.38 which is a pivot point, and 53.05 which is the last support point.

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 $50 with a consolidation zone of $52.

Technical Indicators:

The MACD (12, 26): is at -0.877 indicating a SELL

The average directional index (14): is at 37.18 indicating a SELL

The bull/bear power (13): is at -0.3480 indicating a SELL

The rate of price change: is at -0.77 indicating a SELL



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