ETHUSD and LTCUSD Technical Analysis – 12th MAY, 2022
Updated
ETHUSD: Double Top Pattern Below $2,450
Ethereum was unable to sustain its bullish momentum last week, and after touching a high of 2,960 on May 4, started to decline heavily against the US dollar.
We can see the continuation of the bearish momentum this week, and the decline continues pulling down the prices of Ethereum below the 1,900 handle in the European trading session today.
The global investor sentiment is very weak, which is the cause of the massive slide in the cryptocurrency markets, including Ethereum.
After touching an intraday low of $1,780, we can see some pullback action and a move towards the consolidation channel above the $1,800 handle.
We can clearly see a double top pattern below the $2,450 handle, which is a bearish pattern; it 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 level of 1,908 and moving into a consolidation channel. The price of ETHUSD is now testing its classic support level of 1,820 and Fibonacci support level of 1,884, after which the path towards 1,800 will get cleared.
The relative strength index is at 35, indicating a WEAK demand for Ethereum and the continuation of the bearish trend.
The StochRSI is indicating a neutral level which means that the prices are due to remain into a consolidation phase in the short term.
All of the technical indicators are giving a STRONG SELL market signal.
All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $1,850 to $1,800 in the short-term range.
ETH is now trading Below both the 100 hourly and exponential MAs.
Ether: a bearish reversal is seen below the $2,450 mark
The short-term range appears to be mildly BEARISH
The daily RSI is below 50 at 24, indicating an OVERSOLD market
The average true range is indicating HIGH market volatility
Ether: Bearish Reversal Seen Below $2,450
ETHUSD is now moving in a mildly bearish channel with the prices trading below the $2,000 handle in the European trading session today.
We can see an MA5 crossover pattern located at 1,884, which means that a potential bullish reversal is possible after touching these levels.
ETHUSD is now facing its immediate support level of $1,861 and $1,841 after which we will see a linear progression towards the level of $1,800.
The key resistance levels to watch are $1,931 and $1,976, and the prices of ETHUSD need to cross these levels for a potential bullish reversal.
ETH has declined by 19.67% with a price change of 468.56$ in the past 24hrs and has a trading volume of 54.488 Billion USD.
We can see an Increase of 53.79% in the total trading volume in the last 24 hrs. which is due to the heavy selling by long-term investors.
The Week Ahead
The global economic factors and the increase in the interest rate announced by the Fed have made the US dollar stronger, which has led to a massive decline in the prices of Ethereum.
The delay in the implementation of the ETH 2.0 upgrade is also keeping the investors away from the markets.
The immediate short-term outlook for Ether has turned mildly BEARISH; the medium-term outlook has turned neutral; the long-term outlook for Ether is NEUTRAL in present market conditions.
This week, Ether is expected to move in a range between $1,800 and $2,000, and next week, Ether is expected to enter into a consolidation phase above the level of $2,000.
Technical Indicators:
The Stoch (9,6): at 22.35 indicating a SELL
The moving averages convergence divergence (12,26): at -104.87 indicating a SELL
The ultimate oscillator: at 40.75 indicating a SELL
The rate of price change: at -9.43 indicating a SELL
Ethereum was unable to sustain its bullish momentum last week, and after touching a high of 2,960 on May 4, started to decline heavily against the US dollar.
We can see the continuation of the bearish momentum this week, and the decline continues pulling down the prices of Ethereum below the 1,900 handle in the European trading session today.
The global investor sentiment is very weak, which is the cause of the massive slide in the cryptocurrency markets, including Ethereum.
After touching an intraday low of $1,780, we can see some pullback action and a move towards the consolidation channel above the $1,800 handle.
We can clearly see a double top pattern below the $2,450 handle, which is a bearish pattern; it 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 level of 1,908 and moving into a consolidation channel. The price of ETHUSD is now testing its classic support level of 1,820 and Fibonacci support level of 1,884, after which the path towards 1,800 will get cleared.
The relative strength index is at 35, indicating a WEAK demand for Ethereum and the continuation of the bearish trend.
The StochRSI is indicating a neutral level which means that the prices are due to remain into a consolidation phase in the short term.
All of the technical indicators are giving a STRONG SELL market signal.
All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $1,850 to $1,800 in the short-term range.
ETH is now trading Below both the 100 hourly and exponential MAs.
Ether: a bearish reversal is seen below the $2,450 mark
The short-term range appears to be mildly BEARISH
The daily RSI is below 50 at 24, indicating an OVERSOLD market
The average true range is indicating HIGH market volatility
Ether: Bearish Reversal Seen Below $2,450
ETHUSD is now moving in a mildly bearish channel with the prices trading below the $2,000 handle in the European trading session today.
We can see an MA5 crossover pattern located at 1,884, which means that a potential bullish reversal is possible after touching these levels.
ETHUSD is now facing its immediate support level of $1,861 and $1,841 after which we will see a linear progression towards the level of $1,800.
The key resistance levels to watch are $1,931 and $1,976, and the prices of ETHUSD need to cross these levels for a potential bullish reversal.
ETH has declined by 19.67% with a price change of 468.56$ in the past 24hrs and has a trading volume of 54.488 Billion USD.
We can see an Increase of 53.79% in the total trading volume in the last 24 hrs. which is due to the heavy selling by long-term investors.
The Week Ahead
The global economic factors and the increase in the interest rate announced by the Fed have made the US dollar stronger, which has led to a massive decline in the prices of Ethereum.
The delay in the implementation of the ETH 2.0 upgrade is also keeping the investors away from the markets.
The immediate short-term outlook for Ether has turned mildly BEARISH; the medium-term outlook has turned neutral; the long-term outlook for Ether is NEUTRAL in present market conditions.
This week, Ether is expected to move in a range between $1,800 and $2,000, and next week, Ether is expected to enter into a consolidation phase above the level of $2,000.
Technical Indicators:
The Stoch (9,6): at 22.35 indicating a SELL
The moving averages convergence divergence (12,26): at -104.87 indicating a SELL
The ultimate oscillator: at 40.75 indicating a SELL
The rate of price change: at -9.43 indicating a SELL
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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