ETHUSD and LTCUSD Technical Analysis – 27th OCT, 2022

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ETHUSD: Inverted Hammer Pattern Above $1254

Ethereum was unable to sustain its bearish momentum and after touching a low of 1254 on 21st Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1593 on 26th Oct after which we can see a shift towards the consolidation phase in the markets.

We can see that the prices of Ethereum are ranging near the support of the triangle in the 15-minute time frame indicating the bullish overtone of the markets.

We can clearly see an inverted hammer pattern above the $1254 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 1554 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1568 and Fibonacci resistance levels of 1583 after which the path towards 1600 will get cleared.

The relative strength index is at 75 indicating an overbought market and the shift towards the correction and consolidation phase in the markets.

We can see that the commodity channel index is giving a bullish divergence signal in the 30-minute time frame.

Both the STOCH and Williams percent range are indicating an overbought market, which means that the prices are expected to decline in the short-term range.

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

Some 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 $1254 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1500 level
  • The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1254

ETHUSD is now moving into a mildly bullish channel with the price trading above the $1500 handle in the European trading session today.

ETH touched an intraday high of 1583 in the Asian trading session and an intraday low of 1536 in the European trading session today.

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

Moving average bullish crossovers are seen: AMA20 and AMA50 in the daily timeframe.

We can also see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.

Ethereum’s price continues to move into a bullish zone against the US dollar and is expected to move above the $1600 level.

The daily RSI is printing at 69 indicating a very strong demand for Ether in the long-term range.

The key support levels to watch are $1392 which is a 50% retracement from a 4-week low and 1439 which is a 38.2% retracement from 4-week high.

ETH has increased by 0.74% with a price change of 11.43$ in the past 24hrs and has a trading volume of 26.649 billion USD.

We can see a decrease of 29.89% in the total trading volume in the last 24 hrs which is due to the shift towards the consolidation phase in the markets.

The Week Ahead

After the recent declines, Ethereum’s price is extending upwards correction against the US dollar and bitcoin. We are now looking for a fresh rally into the markets towards the $1800 level.

We can see the formation of a major bullish trend line in place from $1254 towards $1745 level.

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 $1473 — 1273 which is a pivot point 1st support point.

The weekly outlook is projected at $1700 with a consolidation zone of $1600.

Technical Indicators:

The average directional index ADX (14): is at 42.29 indicating a BUY

The ultimate oscillator: is at 61.39 indicating a BUY

The bull/bear power (13): is at 126.52 indicating a BUY

The commodity channel index (14): is at 81.21 indicating a BUY

LTCUSD: Three White Soldiers Pattern Above $49.51

Litecoin was unable to sustain its bearish momentum last week and after touching a low of 49.51 on 21st Oct the prices started to bounce upwards against the US dollar touching a high of $57.55 on 26th Oct.

We have seen a bullish opening in the markets indicating the present bullish trend.

The price of Litecoin is  ranging near a new record high of 1 months in the weekly time frame which indicates that we have now resumed the long-term bullish channel.

We can clearly see a three white soldiers pattern above the $49.51 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 averages and below its 200 hourly exponential moving averages. The price of LTCUSD is just above its pivot level of 56.22

The relative strength index is at 60.07 indicating a STRONG demand for Litecoin and the continuation of the buying pressure into the markets.

Litecoin touched an intraday high of $56.66 in the Asian trading session and an intraday low of $55.59  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 55.71

The STOCHRSI and ADX are indicating overbought levels, which means that the prices are expected to decline in the short-term range.

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

  • Most of the technical indicators are giving a strong buy signal
  • Litecoin: bullish reversal seen above the $49.51 levels
  • Litecoin gets a bullish bias against the US dollar
  • The average true range is indicating HIGH market volatility

Litecoin: Bullish Reversal Seen Above $49.51

We have seen a rally mode in the markets when the prices climbed above the $57 handle, after which we can see some correction in the prices.

We can see a bullish price crossover pattern with moving average MA20 in the weekly time frame indicating a bullish tone present in the markets.

The resistance of the channel is broken in the daily time frame which is a bullish signal.

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

The price of LTCUSD is now facing its classic resistance level of 56.72 and Fibonacci resistance level of 57.15 after which the path towards $58 will get cleared.

The daily RSI is printing at 58 which is indicating a strong demand for Litecoin and the continuation of the buying phase in the short-term range.

LTCUSD has decreased by 2.79% with a price change of 1.60$ in the past 24hrs and has a trading volume of 0.555 billion USD.

Litecoin’s trading volume has decreased by 19.04% compared to yesterday which is due to the shift towards the consolidation phase in the markets.

The Week Ahead

The price of Litecoin is now poised to move towards the $60 levels. We can see some correction in the prices once it touches these levels.

We can see the formation of a bullish trend line in place from the $49.51 levels towards the $57.01 levels.

The commodity channel index is giving a neutral signal which means that the price has now stabilized and after some time we may witness fresh upside moves.

The immediate target is $57.95 which is a 50% retracement from a 13-week low.

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 $65 with a consolidation zone of $62

Technical Indicators:

The MACD (12,26): is at 1.15 indicating a BUY

The Williams percent range: is at -33.57 indicating a BUY

The ultimate oscillator: is at 55.14 indicating a BUY

The rate of price change: is at.5.13 indicating a BUY



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