ETHUSD and LTCUSD Technical Analysis – 26th JAN, 2023

FXOpen

ETHUSD: Three Inside Up Pattern Above $1518

Ethereum was unable to sustain its bearish momentum and after touching a low of 1518 on 25th Jan, the price started to correct upwards against the US dollar crossing the $1600 handle today in the European trading session.

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

We can clearly see a three inside up pattern above the $1518 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 1607 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1610 and Fibonacci resistance level of 1613 after which the path towards 1700 will get cleared.

The relative strength index is at 56.75 indicating a STRONG demand for Ether and the continuation of the bullish phase in the markets.

The price of Ethereum is ranging near the horizontal support in the 1-hour time frame indicating bullish trends.

Both the STOCH and CCI are indicating a neutral market, which means that the prices are expected to remain in a consolidation phase.

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

Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1650 to $1700 in the short-term range.

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

  • Ether: bullish reversal seen above the $1518 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1600 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1518

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

ETH touched an intraday high of 1625 in the Asian trading session and an intraday low of 1600 in the European trading session today.

We can see the formation of a bullish price crossover pattern with adaptive moving average AMA20 in the 30-minute time frame.

The Aroon indicator is giving a bullish trend in the 4-hour time frame.

We have also detected the formation of moving average bullish crossovers: MA50 & MA100 in the daily time frame.

Ethereum’s price is rising sharply against the US dollar and nitcoin and is now eyeing to cross the $1700 level soon.

The daily RSI is printing at 65.97 indicating a STRONG demand for Ether in the medium-term range.

The key support levels to watch are $1489 which is a 38.2% Retracement from a 4-week high, and $1536 which is a 3-10-16 day MACD moving average stalls.

ETH has increased by 3.98% with a price change of 61.50$ in the past 24hrs and has a trading volume of 10.232 billion USD.

We can see an increase of 10.64% 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 bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $11650 and $1700 levels this week.

On the upside we are now looking at the immediate targets of 1677 which is a 13-week high, and $1685 which is a pivot point 2nd level resistance.

The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, 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 $1588 which is a pivot point.

The weekly outlook is projected at $1700 with a consolidation zone of $1650.

Technical Indicators:

The average directional index, ADX (14): is at 45.27 indicating a BUY

The rate of price change: is at 2.735 indicating a BUY

Bull/bear power (13): is at 7.52 indicating a BUY

The Williams percent range : is at -44.41 indicating a BUY

LTCUSD – Three Inside UP Pattern Above $85.54

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $85.54 on 25th Jan, the prices started to correct upwards against the US dollar crossing the $90 handle today in the early Asian trading session.

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

We can clearly see a three inside up pattern above the $85.54 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 200 hourly simple moving average and below its 200 hourly exponential moving average. The price of LTCUSD is just above its pivot level of 66.18.

The relative strength index is at 60.23 indicating a strong demand for Litecoin and the continuation of the bullish phase in the markets.

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

Litecoin touched an intraday high of $89.86 in the Asian trading session and an intraday low of $87.87 in the European 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 87.99.

The STOCHRSI is indicating oversold levels, which means that the prices are expected to correct upwards 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 $85.54 level
  • High/Lows is indicating neutral levels
  • The average true range is indicating HIGH market volatility

Litecoin: Bullish Reversal Seen Above $85.54

We can see that the price of Litecoin continues to gain traction against the US dollar and bitcoin. We are now looking to touch the $90 level.

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

Some of the technical indicators are giving a neutral stance to the markets.

The price of LTCUSD is now facing its classic resistance level of 92.28 and Fibonacci resistance level of 95.22 after which the path towards $100 will get cleared.

We can see continued buying support at the lower levels in Litecoin.

After crossing the $90, a bull run is expected and the next targets will be crossing the $100 level.

The price of Litecoin is facing a resistance zone located at $88.93 which is a 14-3 day raw stochastic at 80%, and at $91.31 which is a 14-day RSI at 70%.

LTCUSD has increased by 1.12% with a price change of 0.9799$ in the past 24hrs and has a trading volume of 0.541 billion USD.

Litecoin’s trading volume has increased by 11.27% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin remains supported at lower levels and now we are looking to gain strength above the $90 handle.

We can see the formation of an ascending channel from $85.54 towards the $92.75 level.

The price of Litecoin needs to remain above the important support levels of $82.85 which is a 14-3 day raw stochastic at 50%, and at $86.61 at which the price crosses 9-day moving average stalls.

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

The weekly outlook is projected at $95 with a consolidation zone of $90.

Technical Indicators:

The MACD (12, 26): is at 3.40 indicating a BUY

The average directional index (14): is at 47.14 indicating a BUY

Bull/bear power (13): is at 4.70 indicating a BUY

The rate of price change: is at 2.40 indicating a BUY

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