ETHUSD and LTCUSD Technical Analysis – 30th MAR, 2023

FXOpen

ETHUSD: Bullish HARAMI Pattern Above $1687

Ethereum was unable to sustain its bearish momentum, and after touching a low of $1687 on 27th Mar, the prices started to correct upwards against the US dollar touching a high of $1829 today in the Asian trading session.

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

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

We can clearly see a bullish Harami pattern above the $1687 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 1798 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1803 and Fibonacci resistance level of 1806 after which the path towards 1850 will get cleared.

We can see the formation of both bullish Harami and bullish Harami cross patterns in the 2-hour time frame.

The relative strength index is at 53.40 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

Both the STOCH and STOCHRSI are giving a neutral signal, which means that the prices are expected to enter into a consolidation phase in the short-term range.

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

Most of the moving averages are giving a buy signal at the current market levels of $1800.

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

  • Ether: bullish reversal seen above the $1687 mark.
  • The short-term range appears to be mildly bullish.
  • ETH continues to remain above the $1750 level.
  • The average true range is indicating high market volatility.

Ether: Bullish Reversal Seen Above $1687

ETHUSD is now testing to cross the $1900 levels and the current momentum suggests that we are now moving towards the $1850 level.

We can see the formation of bullish engulfing lines in the weekly time frame.

The price is back over the pivot point in the weekly time frame indicating bullish trends.

We can see the formation of moving average bullish crossover patterns MA20 and MA50 in the 4-hourly time frame.

We have also seen an upside gap in the 15-minute timeframe which indicates the bullish nature of the markets.

ETHUSD touched an intraday high of 1829 and an intraday low of 1774 in the Asian trading session today.

The key support levels to watch are $1744, at which the price crosses the 9-day moving average stalls, and $1769 at which the price crosses the 9-day moving average.

ETH has decreased by 0.92% with a price change of 16.80$ in the past 24hrs and has a trading volume of 9.457 billion USD.

We can see a decrease of 6.37% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH is facing stiff resistance at crossing the $1850 handle after which the next visible targets are located at $1900 and $1950.

We can see the formation of a major bullish trend line with the support located at $1679 at which the price crosses the 18-day moving average.

We can see the formation of a bullish ascending channel from $1687 towards the $1852 level.

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

The resistance zone is located at $1830 which is a pivot point 1st resistance point and at $1913 which is a 38.2% retracement from a 52-week low.

The weekly outlook is projected at $1950 with a consolidation zone of $1900.

LTCUSD: Bullish Engulfing Pattern Above $79.28

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $79.28 on 22nd Mar, the price started to correct upwards against the US dollar touching a high of $95.79 on 24th Mar.

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

We can clearly see a bullish engulfing pattern above the $79.28 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 above its 100 hourly exponential moving average. The price of LTCUSD is just above its pivot levels of 90.78.

The relative strength index is at 50.72 indicating a neutral demand for Litecoin and the shift towards the consolidation phase in the markets.

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 90.09

Both the average direction index and commodity channel index are giving a neutral signal, which means that the prices are expected to remain in a consolidation phase in the short-term range.

The Williams percent range is back over -50 in the 30-minute time frame indicating bullish trends.

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 $79.28 levels.
  • The RSI is giving a neutral signal.
  • The average true range is indicating high market volatility.

Litecoin: Bullish Reversal Seen Above $79.28

The price of Litecoin continues to move in a mildly bullish momentum above the $90 handle, and we have already entered into a consolidation zone in the European trading session today.

We can see the formation of a bullish trend reversal pattern with the Adaptive Moving Average AMA50 in the weekly time frame.

The MACD indicator is also giving a bullish signal in the weekly time frame.

The price of LTCUSD is now facing its classic resistance level of 92.91 and Fibonacci resistance level of 95.38 after which the path towards $100 will get cleared.

Litecoin touched an intraday high of $93.30 and an intraday low of $88.47 in the Asian trading session today.

Litecoin is now facing its resistance zone at $93.94 which is a pivot point 1st resistance point and at $97.06 which is a 3-10 day MACD oscillator stalls.

LTCUSD has decreased by 1.71% with a price change of 1.57$ in the past 24hrs and has a trading volume of 0.578 Billion USD.

Litecoin’s trading volume has increased by 2.91% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin has been successful in crossing the $95 barrier and now we are looking to touch the $100 level. At present, the markets are ranging in a consolidation phase after which we could see fresh upsides towards the $95 and $100 levels.

Some of the technical indicators are also giving a neutral tone present in the markets.

The price of Litecoin needs to remain above the important support levels of $87.13, which is a 14-day RSI at 50%, and $87.67, at which the price crosses 18-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 $100 with a consolidation zone of $95.




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