ETHUSD AND LTCUSD Technical Analysis – 02nd JUNE, 2022
Updated
ETHUSD: Bearish Engulfing Pattern Below $2015
Ethereum was unable to sustain its bullish momentum last week and after touching a high of 2011 on 31st May started to decline heavily against the US Dollar.
We can see a strong bearish momentum this week and this is putting downwards pressure on the prices of Ethereum below the 1850 handle in the European Trading session today.
We can see the formation of a Major bearish trend line today on the hourly chart and the pair is poised to decline further given the weak investor sentiments.
The prices touched an Intraday Low of $1794 in the Asian trading session and an Intraday High of $1843 in the European Trading session today.
We can clearly see a Bearish Engulfing Pattern Below the $2015 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 above its Pivot levels of 1817 and is moving into a Strong bearish channel. The price of ETHUSD is now testing its Classic support levels of 1767 and Fibonacci support levels of 1805 after which the path towards 1700 will get cleared.
Relative Strength Index is at 40 indicating a WEAK market and the continuation of the decline after the consolidation phase gets over.
The STOCHRSI is indicating Oversold levels which means that the prices are due to correct upwards in the short-term range.
ALL of the 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 $1700 to $1600 in the short-term range.
ETH is now trading Below its both the 100 Hourly and Exponential Moving Averages.
Ether Bearish Reversal seen below the $2015 mark.
Short-term range appears to be Strongly BEARISH.
Daily RSI is Below 50 at 38 indicating a Bearish market.
Average True Range is indicating HIGH Market Volatility.
Ether Bearish Continuation Seen Below $2015
ETHUSD is now moving into a Strong Bearish channel with the prices trading below the $1850 handle in the European Trading session today.
We can see the formation of a Major Bearish trend line in the hourly chart which suggests that further decline in the prices of Ethereum are expected.
The prices of Ethereum are moving into a consolidation channel now and after the consolidation phase is over a further decline in its levels is expected.
The key resistance levels to watch are $1919 and $2046 and the prices of ETHUSD need to cross these levels for a potential Bullish reversal.
ETH has declined by 5.80% with a price change of 112$ in the past 24hrs and has a trading volume of 21.678 Billion USD.
We can see an Increase of 22.75% in the total trading volume in last 24 hrs. which is due to the continuation of the selling pressure across the global markets.
The Week Ahead
The global investor sentiments are weak and they are not willing to enter into the markets now, which is the main reason for the continuous fall in the prices of the Ethereum.
The delay in the implementation of the ETH 2.0 upgrade continues to affect the prices of Ethereum in the short-term range.
The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned BEARISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.
In this week Ether is expected to move in a range between the $1600 and $1800 and in the next week Ether is expected to enter into a Consolidation phase above the $1800 levels.
Technical Indicators:
Williams Percent Range: It is at -78.90 indicating a SELL.
Moving Averages Convergence Divergence (12,26): It is at -16.00 indicating a SELL.
Ultimate Oscillator: It is at 40.51 indicating a SELL.
Rate of Price Change: It is at -4.16 indicating a SELL.
Ethereum was unable to sustain its bullish momentum last week and after touching a high of 2011 on 31st May started to decline heavily against the US Dollar.
We can see a strong bearish momentum this week and this is putting downwards pressure on the prices of Ethereum below the 1850 handle in the European Trading session today.
We can see the formation of a Major bearish trend line today on the hourly chart and the pair is poised to decline further given the weak investor sentiments.
The prices touched an Intraday Low of $1794 in the Asian trading session and an Intraday High of $1843 in the European Trading session today.
We can clearly see a Bearish Engulfing Pattern Below the $2015 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 above its Pivot levels of 1817 and is moving into a Strong bearish channel. The price of ETHUSD is now testing its Classic support levels of 1767 and Fibonacci support levels of 1805 after which the path towards 1700 will get cleared.
Relative Strength Index is at 40 indicating a WEAK market and the continuation of the decline after the consolidation phase gets over.
The STOCHRSI is indicating Oversold levels which means that the prices are due to correct upwards in the short-term range.
ALL of the 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 $1700 to $1600 in the short-term range.
ETH is now trading Below its both the 100 Hourly and Exponential Moving Averages.
Ether Bearish Reversal seen below the $2015 mark.
Short-term range appears to be Strongly BEARISH.
Daily RSI is Below 50 at 38 indicating a Bearish market.
Average True Range is indicating HIGH Market Volatility.
Ether Bearish Continuation Seen Below $2015
ETHUSD is now moving into a Strong Bearish channel with the prices trading below the $1850 handle in the European Trading session today.
We can see the formation of a Major Bearish trend line in the hourly chart which suggests that further decline in the prices of Ethereum are expected.
The prices of Ethereum are moving into a consolidation channel now and after the consolidation phase is over a further decline in its levels is expected.
The key resistance levels to watch are $1919 and $2046 and the prices of ETHUSD need to cross these levels for a potential Bullish reversal.
ETH has declined by 5.80% with a price change of 112$ in the past 24hrs and has a trading volume of 21.678 Billion USD.
We can see an Increase of 22.75% in the total trading volume in last 24 hrs. which is due to the continuation of the selling pressure across the global markets.
The Week Ahead
The global investor sentiments are weak and they are not willing to enter into the markets now, which is the main reason for the continuous fall in the prices of the Ethereum.
The delay in the implementation of the ETH 2.0 upgrade continues to affect the prices of Ethereum in the short-term range.
The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned BEARISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.
In this week Ether is expected to move in a range between the $1600 and $1800 and in the next week Ether is expected to enter into a Consolidation phase above the $1800 levels.
Technical Indicators:
Williams Percent Range: It is at -78.90 indicating a SELL.
Moving Averages Convergence Divergence (12,26): It is at -16.00 indicating a SELL.
Ultimate Oscillator: It is at 40.51 indicating a SELL.
Rate of Price Change: It is at -4.16 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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