ETHUSD and LTCUSD Technical Analysis – 17th NOV, 2022
Updated
ETHUSD: Bearish Engulfing Pattern Below $1349
Ethereum was unable to sustain its bullish momentum and after touching a high of 1349 on 10th Nov, the prices started to decline against the US dollar touching a low of 1171 on 14th Nov.
After this decline, we can see some upwards correction in the levels of Ethereum above the $1200 handle.
We have seen a bearish opening of the markets this week.
We can clearly see a bearish engulfing pattern below the $1349 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.
ETH is now trading just below its pivot levels of 1204 and moving into a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1188 and Fibonacci resistance level of 1198 after which the path towards 1100 will get cleared.
The relative strength index is at 40 indicating a WEAK demand for Ether and the continuation of the selling pressure in the markets.
The prices are ranging near the horizontal resistance in the weekly time frame, indicating a bearish trend.
Both the STOCHRSI and Williams percent range are indicating oversold levels.
All of the technical indicators are giving a STRONG SELL market signal.
Most of the moving averages are giving a STRONG SELL signal and we are now looking at the levels of $1150 to $1100 in the short-term range.
ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages.
Ether: bearish reversal seen below the $1349 mark
Short-term range appears to be mildly bearish
ETH continues to remain below the $1300 level
The average true range is indicating LESS market volatility
Ether: Bearish Reversal Seen Below $1349
ETHUSD is now moving in a mildly bearish channel with the prices trading below the $1300 handle in the European trading session today.
ETH continues to remain under pressure this month and fresh downsides are expected below the $1100 handle.
ETHUSD touched an intraday high of 1227 and an intraday low of 1193 in the Asian trading session today.
We can see a bullish price crossover pattern with moving averages MA50 and MA100 in the 1-hour time frame.
We can also see the formation of a black evening star pattern in the 15-minute time frame.
The daily RSI is printing at 38 indicating a very weak demand for Ether in the long-term range.
The key support level to watch is $1186 which is the last resistance level, and $1195 which is a 14-3 day raw stochastic at 20%
ETH has decreased by 3.15% with a price change of 38.81$ in the past 24hrs and has a trading volume of 11.524 billion USD.
We can see an increase of 1.46% 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 bearish zone against the US dollar and bitcoin. ETHUSD is expected to move lower towards the $1100 and $11150 levels this week.
We can see the formation of a major bearish trend line in place from $1349 towards $1119 levels.
The immediate short-term outlook for Ether has turned mildly bearish, 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 levels of $1094 which is the 3rd support pivot point.
The weekly outlook is projected at $1150 with a consolidation zone of $1100.
Technical Indicators:
The relative strength index (14): is at 37.20 indicating a SELL
The rate of price change: is at -1.23 indicating a SELL
Bull/Bear power (13): is at -14.17 indicating a SELL
High/lows (14): is at -7.94 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Ethereum was unable to sustain its bullish momentum and after touching a high of 1349 on 10th Nov, the prices started to decline against the US dollar touching a low of 1171 on 14th Nov.
After this decline, we can see some upwards correction in the levels of Ethereum above the $1200 handle.
We have seen a bearish opening of the markets this week.
We can clearly see a bearish engulfing pattern below the $1349 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.
ETH is now trading just below its pivot levels of 1204 and moving into a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1188 and Fibonacci resistance level of 1198 after which the path towards 1100 will get cleared.
The relative strength index is at 40 indicating a WEAK demand for Ether and the continuation of the selling pressure in the markets.
The prices are ranging near the horizontal resistance in the weekly time frame, indicating a bearish trend.
Both the STOCHRSI and Williams percent range are indicating oversold levels.
All of the technical indicators are giving a STRONG SELL market signal.
Most of the moving averages are giving a STRONG SELL signal and we are now looking at the levels of $1150 to $1100 in the short-term range.
ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages.
Ether: bearish reversal seen below the $1349 mark
Short-term range appears to be mildly bearish
ETH continues to remain below the $1300 level
The average true range is indicating LESS market volatility
Ether: Bearish Reversal Seen Below $1349
ETHUSD is now moving in a mildly bearish channel with the prices trading below the $1300 handle in the European trading session today.
ETH continues to remain under pressure this month and fresh downsides are expected below the $1100 handle.
ETHUSD touched an intraday high of 1227 and an intraday low of 1193 in the Asian trading session today.
We can see a bullish price crossover pattern with moving averages MA50 and MA100 in the 1-hour time frame.
We can also see the formation of a black evening star pattern in the 15-minute time frame.
The daily RSI is printing at 38 indicating a very weak demand for Ether in the long-term range.
The key support level to watch is $1186 which is the last resistance level, and $1195 which is a 14-3 day raw stochastic at 20%
ETH has decreased by 3.15% with a price change of 38.81$ in the past 24hrs and has a trading volume of 11.524 billion USD.
We can see an increase of 1.46% 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 bearish zone against the US dollar and bitcoin. ETHUSD is expected to move lower towards the $1100 and $11150 levels this week.
We can see the formation of a major bearish trend line in place from $1349 towards $1119 levels.
The immediate short-term outlook for Ether has turned mildly bearish, 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 levels of $1094 which is the 3rd support pivot point.
The weekly outlook is projected at $1150 with a consolidation zone of $1100.
Technical Indicators:
The relative strength index (14): is at 37.20 indicating a SELL
The rate of price change: is at -1.23 indicating a SELL
Bull/Bear power (13): is at -14.17 indicating a SELL
High/lows (14): is at -7.94 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Note
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
Disclaimer
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