ETHUSD and LTCUSD Technical Analysis – 25th AUG, 2022

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ETHUSD: Bullish Harami Pattern Above $1523

Ethereum was unable to sustain its bearish momentum and after touching a low of 1529 on 20th Aug started to correct upwards, crossing the $1700 handle in the European trading session today.

We can see a continuous appreciation in the prices of Ethereum due to the buying seen at lower levels by the medium-term investors.

We can clearly see a bullish harami pattern above the $1523 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 1709 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1713 and Fibonacci resistance level of 1718 after which the path towards 1800 will get cleared.

The relative strength index is at 63 indicating a STRONG demand for Ether and the continuation of the uptrend in the markets.

We can see that the adaptive moving average, AMA100, is indicating a bullish trend reversal in both the 2-hour and 4-hour timeframes.

The Williams percent range is indicating an OVERBOUGHT market, which means that the prices are expected to correct downwards in the short-term range.

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

All of the moving averages are giving a STRONG BUY signal and we are now looking at the levels of $1800 to $1900 in the short-term range.

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

  • Ether: bullish reversal seen above the $1523 mark
  • Short-term range appears to be strongly BULLISH
  • ETH continues to remain above the $1600 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1523

ETHUSD is now moving into a strong bullish channel with the prices trading above the $1600 handle in the European trading session today.

ETH touched an intraday low of 1652 in the Asian trading session and an intraday high of 1715 in the European trading session today.

We have seen a bullish opening with a gap in the markets which indicates that now we are heading towards the $1800 mark.

The daily RSI is printing at 50 indicating a neutral demand in the long-term range.

Ethereum continues to move in a rising trend channel which is expected to continue in the medium-term range.

The key support levels to watch are $1600 and $1660, and the price of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has increased by 3.91% with a price change of 64$ in the past 24hrs and has a trading volume of 16.144 billion USD.

We can see a decrease of 10.39% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

We can see a continuous progression of a bullish trendline formation from 1523 towards the 1762 levels.

The price of Ethereum is now testing its resistance zone located at $1800 and we are likely to witness a rally in the price once it touches these levels.

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 prices of ETHUSD will need to remain above the important support level of $1600 this week.

The weekly outlook is projected at $1950 with a consolidation zone of $1800.

Technical Indicators:

The relative strength index (14): at 62.26 indicating a BUY

The moving averages convergence divergence (12,26): at 15.03 indicating a BUY

The rate of price change: at 1.03 indicating a BUY

The ultimate oscillator: at 60.70 indicating a BUY

LTCUSD: Bullish Hammer Pattern Above $52

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $52 on 22nd Aug started to correct upwards against the US dollar crossing the $56 handle in the European trading session today.

We can see the formation of weekly swings at the upper band of $65 and at the lower band of $52 this month.

We can clearly see a bullish hammer pattern above the $52 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 below its 100 hourly simple moving averages and above its 100 hourly exponential moving averages. The price of LTCUSD is just below its pivot levels of 56.87.

The relative strength index is at 49 indicating a NEUTRAL market, and the continuation of the consolidation phase in the markets.

Litecoin touched an intraday low of $55.93 in the Asian trading session and an intraday high of $57.48 in the European trading session today.

The price of Litecoin continues to remain below most of the moving averages, some of which are now giving a SELL signal at current market levels of 56.78.

Both the highs/lows and commodity channel index are indicating neutral levels, which means that the prices are expected to remain in a narrow range in the short-term.

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 $52 levels
  • Litecoin gains bullish bias against the US dollar
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $52

We can see that the prices of Litecoin continue to remain in the consolidation phase and are now trading above the $56 handle in the European trading session today.

We can see the formation of a bullish harami cross pattern in the 15-minute time-frame indicating the underlying bullish nature of the markets.

The price of LTCUSD is now facing its classic resistance level of 57.62 and Fibonacci resistance level of 58.24 after which the path towards $60 will get cleared.

We have also detected that the adaptive moving average AMA20 is giving a bullish trend reversal signal in the 4-hour time-frame.

The daily RSI is printing at 45 which is indicating a neutral demand for Litecoin and the continuation of the consolidation in the short-term range.

LTC has increased by 0.67% with a price change of 0.38$ in the past 24hrs and has a trading volume of 0.439 billion USD.

Litecoin’s trading volume has decreased by 11.89% compared to yesterday which appears to be normal.

The Week Ahead

We can see a continued progression of the bullish trend line from the $52.29 towards the $59.64 level. After touching the $59 handle more upsides are expected in the price of Litecoin towards the $65 range.

We are now looking at the important support levels of $52 and $56 in the short-term range.

The short-term outlook for Litecoin has turned as 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 $60 with a consolidation zone of $58.

Technical Indicators:

STOCH (9,6): at 67.00 indicating a BUY

The average directional change (14): at 22.20 indicating a BUY

The ultimate oscillator: at 52.43 indicating a BUYBull/bear power (13): at 0.796 indicating a BUY

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