ETHUSD and LTCUSD Technical Analysis – 24th NOV, 2022

Share news

ETHUSD: Bullish Engulfing Pattern Above $1075

Ethereum was unable to sustain its bullish momentum and after touching a high of 1230 on 20th Nov, the prices started to decline against the US dollar touching a low of 1078 on 22nd Nov.

After this decline we can see some upwards correction in the levels of Ethereum towards the $1200 handle.

We can see a three white soldiers pattern in the daily time frame indicating the Bullish trend.

We can clearly see a bullish engulfing pattern above the $1075 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 levels of 1201 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1205 and Fibonacci resistance level of 1211 after which the path towards 1250 will get cleared.

The relative strength index is at 62 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is back over -50 in the daily time frame indicating a bullish sentiment.

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

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

Most of the moving averages are giving a BUY signal, and we are now looking at the levels of $1250 to $1300 in the short-term range.

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

  • Ether: bullish reversal seen above the $1075 mark
  • The short-term range appears to be strongly bullish
  • ETH continues to remain above the $1100 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1075

ETHUSD is now moving into a strongly bullish channel with the price trading above the $1100 handle in the European trading session today.

ETH continues to correct higher against the US dollar and is expected to stay above the $1200 level.

ETHUSD touched an intraday low of 1168 in the Asian trading session and an intraday high of 1217 in the European trading session today.

We can see the formation of both the bullish harami and bullish harami cross pattern in the 1-hour time frame.

The momentum indicator is back over zero in the 15-minute time frame.

The resistance of the channel is broken in the 1-hour time frame indicating a bullish trend.

The daily RSI is printing at 43 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1185 at which price crosses the 9-day moving average, and $1195 which is a 14-3 day raw stochastic at 20%.

ETH has increased by 3.00% with a price change of 35.00$ in the past 24hrs and has a trading volume of 11.226 billion USD.

We can see a decrease of 7.02% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH price continues to remain in a strongly bullish zone against the US dollar and bitcoin. ETHUSD is expected to correct higher towards the $1200 and $1300 levels this week.

We can see the formation of a major bullish trendline in place from $1075 towards $1234 level.

The immediate short-term outlook for Ether has turned strongly 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 levelsof $1144 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $1250 with a consolidation zone of $1200.

Technical Indicators:

The relative strength index (14): is at 62.17 indicating a BUY

The rate of price change: is at 2.80 indicating a BUY

Bull/bear power (13): is at 8.042 indicating a BUY

High/lows (14): is at 3.72 indicating a BUY

LTCUSD: Hammer Pattern Above $56.69

Litecoin was unable to sustain its bearish momentum last week and after touching a low of 56.69 on 16th Nov the prices started to move upwards against the US dollar touching a high of $83.26 on 23rd Nov.

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

The price of Litecoin is near a new record high of 1 month.

We can clearly see a hammer pattern above the $56.69 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 above its pivot level of 78.31

The relative strength index is at 56.20 indicating a STRONG demand for Litecoin and the continuation of the buying pressure into the markets.

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

Litecoin touched an intraday high of $79.80 and an intraday low of $75.82 in the Asian trading session today.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a STRONG BUY signal at current market levels of 78.84.

The STOCH and CCI are both indicating neutral levels, which means that the prices are expected to move towards the consolidation phase in the short-term range.

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

  • Most of the technical indicators are giving a buy signal
  • Litecoin: bullish reversal seen above the $56.69 level
  • The ultimate oscillator is giving a neutral signal
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $56.69

The prices of Litecoin are moving in a bullish momentum above the $75.00 handle and more upsides are projected at $80 and $85 levels.

The prices are ranging near the support of the channel in the 1-hour time frame.

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

The ichimoku price is over the cloud in the 15-minute time frame indicating a bullish trend.

The RSI indicator is back over 50 in the weekly time frame.

The resistance of the channel is broken in the daily time frame indicating a bullish trend.

The price of LTCUSD is now facing its classic resistance level of 79.69 and Fibonacci resistance level of 80.82 after which the path towards $85 will get cleared.

The daily RSI is printing at 70.14 which is indicating a very strong demand for Litecoin and the continuation of the bullish phase in the medium-term range.

LTCUSD has decreased by 0.15% with a price change of 0.1199$ in the past 24hrs and has a trading volume of 1.562 billion USD.

Litecoin’s trading volume has decreased by 28.74% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin continues to move higher against the US dollar and is currently trading above the $78 handle in the European trading session today.

We are expecting more upsides towards the $80 and $85 levels, but some correction is also expected due to the neutral stance of some technical indicators.

We can see the formation of a bullish trendline in place from the $56.69 levels towards the $84.55 levels.

The price of Litecoin needs to remain above the important support level of $71.90 which is a 14-3 Day raw stochastic at 70%.

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

The weekly outlook is projected at $85 with a consolidation zone of $80.

Technical Indicators:

The MACD (12,26): is at 0.897 indicating a BUY

The RSI (14): is at 56.20 indicating a BUY

Bull/Bear power (13): is at 1.120 indicating a BUY

The Williams percent range: is at -35.26 indicating a BUY



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 making your money go further with FXOpen.

*Cryptocurrency CFDs are not available to Retail clients in the UK

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. FXOpen UK: 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.
FXOpen EU: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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.