ETHUSD and LTCUSD Technical Analysis – 09th JUNE, 2022
Updated
ETHUSD: Double Bottom Pattern Above $1,725
Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar.
We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today.
We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets.
The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today.
We can clearly see a double bottom pattern above the $1,725 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 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared.
The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week.
The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards in the short-term range.
All of the technical indicators are giving a strong buy market signal. All of the moving averages are giving a strong buy signal, and we are now looking at the levels of $1,900 to $2,000 in the short-term range.
ETH is now trading above the 100 hourly and exponential MAs.
A bullish reversal seen above the $1,725 mark
The short-term range appears to be strongly bullish
The parabolic SAR is indicating a bullish reversal in the hourly time frame
The average true range is indicating less market volatility
Ether: Bullish Reversal Seen Above $1,725
ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today.
We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets.
The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets.
The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal.
ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD.
We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets.
The Week Ahead
The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets.
The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned NEUTRAL, and 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, it is expected to enter into a consolidation phase above $2,000.
Technical Indicators:
STOCH (9,6): at 65.83 indicating a BUY
The moving averages convergence divergence (12,26): at 3.66 indicating a BUY
The ultimate oscillator: at 68.27 indicating a BUY
The rate of price change: at 1.82 indicating a BUY
Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar.
We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today.
We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets.
The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today.
We can clearly see a double bottom pattern above the $1,725 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 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared.
The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week.
The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards in the short-term range.
All of the technical indicators are giving a strong buy market signal. All of the moving averages are giving a strong buy signal, and we are now looking at the levels of $1,900 to $2,000 in the short-term range.
ETH is now trading above the 100 hourly and exponential MAs.
A bullish reversal seen above the $1,725 mark
The short-term range appears to be strongly bullish
The parabolic SAR is indicating a bullish reversal in the hourly time frame
The average true range is indicating less market volatility
Ether: Bullish Reversal Seen Above $1,725
ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today.
We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets.
The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets.
The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal.
ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD.
We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets.
The Week Ahead
The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets.
The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned NEUTRAL, and 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, it is expected to enter into a consolidation phase above $2,000.
Technical Indicators:
STOCH (9,6): at 65.83 indicating a BUY
The moving averages convergence divergence (12,26): at 3.66 indicating a BUY
The ultimate oscillator: at 68.27 indicating a BUY
The rate of price change: at 1.82 indicating a BUY
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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