ETHUSD and LTCUSD Technical Analysis – 15th DEC, 2022

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ETHUSD: Three White Soldiers Pattern Above $1222

Ethereum was unable to sustain its bearish momentum and after touching a low of 1222 on 08th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1250 handle today in the European trading session.

We can see the formation of a bullish doji star pattern in the 1-hour time frame indicating bullish trends.

The commodity channel index indicator is giving a bullish divergence signal in the 1-hour time frame.

We can clearly see a three white soldiers pattern above the $1222 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 above its pivot level of 1286 and is moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1287 and Fibonacci resistance level of 1288 after which the path towards 1300 will get cleared.

The relative strength index is at 48 indicating a NEUTRAL demand for Ether and the continuation of the consolidation phase in the markets.

The resistance of the channel is broken on the daily time frame.

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

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

Most of the moving averages are giving a NEUTRAL signal due to the market consolidation seen below the $1300 handle.

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

  • Ether: bullish reversal seen above the $1222 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1250 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1222

ETHUSD is now moving into a consolidation/correction channel with the price trading below the $1300 handle in the European trading session today.

The prices of Ethereum are ranging near the support of the channel indicating bullish trends.

The MACD indicator is now giving a bullish divergence signal in the 30-minute time frame.

The price of Ethereum broke the $1300 level and then we can see some decline due to short selling of Ether which caused the dip below the $1300 level.

ETHUSD touched an intraday high of 1314 and an intraday low of 1281 in the Asian trading session today.

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

The daily RSI is printing at 51 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1210 which is a 14-3 day raw stochastic at 30%, and $1244 which is a 38.2% retracement from 4 Week High.

ETH has decreased by 2.50% with a price change of 33.04$ in the past 24hrs and has a trading volume of 8.409 billion USD.

We can see an increase of 0.58% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of ETH has now entered into a consolidation/correction zone, and after this we are expecting fresh upside waves crossing the $1300 and $1400 levels.

ETHUSD continues to gain bullish traction from a weekly time frame from a 4-hour time frame with the bottom support located at $1075 touched on 22nd Nov.

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 level of $1243 at which the price crosses the 18-day moving average.

The resistance zone is located at $1291 at which the price crosses 9-day moving average stalls.

The weekly outlook is projected at $1350 with a consolidation zone of $1300.

Technical Indicators:

The Williams percent range: is at -24.78 indicating a BUY

The commodity channel index (14): is at 62.01 indicating a BUY

High/Lows (14): is at 0.3436 indicating a BUY

Bull/Bear power (13): is at 0.6240 indicating a BUY

LTCUSD: Triple Bottom Pattern Above $73.50

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $73.50 on 12th Dec, the price started to move upwards against the US dollar touching a high of $79.79 on 13th Dec.

The price of Litecoin has corrected lower below the $75 handle due to short selling, but a rebound in the price is expected after the consolidation wave gets over.

We can clearly see a triple bottom pattern above the $73.50 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 average and below its 200 hourly simple moving average. The price of LTCUSD is just below its pivot level of 75.86

The relative strength index is at 50.32 indicating a NEUTRAL demand for Litecoin and the shift towards the consolidation phase in the markets.

The momentum indicator is back over zero in the 30-minute time frame indicating bullish trends.

Litecoin touched an intraday high of $75.91 and an intraday low of $73.56 in the Asian trading session today.

The price of Litecoin continues to remain above some of the moving averages, which are now giving a BUY signal at current market levels of 74.80.

The RSI is indicating a neutral level, which means that the price is expected to move towards the consolidation phase in the short-term range.

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

  • Some of the technical indicators are giving a buy signal
  • Litecoin: bullish reversal seen above the $73.50 levels
  • The commodity channel index is giving a NEUTRAL signal
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $73.50

The price of Litecoin is now moving in a correction phase below the $75 handle. After this wave gets over, we can see fresh upsides towards the $80 level.

The relative strength index indicator is back over 50 in the 15-minute time frame indicating bullish trends.

The RSI Indicator is also giving a bullish divergence signal in the 1-hour time frame.

The price of LTCUSD is now facing its classic resistance level of 74.83 and Fibonacci resistance level of 74.85 after which the path towards $80 will get cleared.

Litecoin is now facing its resistance zone at $77.32 at which the price crosses 9-day moving average stalls and at $80.03 which is a 14-3 day raw stochastic at 50%.

The daily RSI is printing at 52.38 which is indicating a neutral demand for Litecoin and the continuation of the consolidation wave in the medium-term range.

LTCUSD has decreased by 4.35% with a price change of 3.41$ in the past 24hrs and has a trading volume of 0.619 billion USD.

Litecoin’s trading volume has increased by 11.29% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin is moving in a zigzag pattern with the price remaining above the long-term monthly support located at $70.37 which is a 38.2% retracement from 13-week high.

We are expecting more upsides towards the $75 and $80 levels, after the current downside wave gets exhausted.

Some of the technical indicators are also giving a neutral stance.

The price of Litecoin needs to remain above the important support level of $73.54 which is a 3-10 day MACD oscillator stalls.

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

The weekly outlook is projected at $80 with a consolidation zone of $75.

Technical Indicators:

The average directional index (14): is at 22.50 indicating a BUY

The ultimate oscillator: is at 57.55 indicating a BUY

The rate of price change: is at 0.094 indicating a BUYThe commodity channel index (14): is at -31.10 indicating a NEUTRAL

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