ETHUSD and LTCUSD Technical Analysis – 26th MAY, 2022
Updated
ETHUSD: Bearish Engulfing Pattern Below $2,087
Ethereum was unable to sustain its bullish momentum last week, and after touching a high of 2,084 on 23rd May started to decline heavily against the US dollar.
We can see a strong bearish momentum this week and this is putting downward pressure on the prices of Ethereum below the 1,850 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 $1,817 in the Asian trading session and an intraday high of $1,970 in the European trading session today.
We can clearly see a bearish engulfing pattern below the $2,087 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 level of 1,860 and moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1,686 and Fibonacci support level of 1,819 after which the path towards 1,700 will get cleared.
The relative strength index is at 21 indicating an OVERSOLD market, and the possibility of a pullback action.
The StochRSI and Williams percent range are indicating an oversold level which means that the prices are due to correct upwards in the short-term range.
ALL of the technical indicators are giving a STRONG SELL market signal.
All of the MAs are giving a STRONG SELL signal, and we are now looking at the levels of $1,700 to $1,650 in the short-term range.
ETH is now trading below both the 100 hourly and exponential MAs.
A bearish reversal seen below the $2,087 mark
The short-term range appears to be strongly BEARISH
The daily RSI is below 50 at 21 indicating a bearish market
The average true range is indicating HIGH market volatility
Ether: Bearish Continuation Seen Below $2,087
ETHUSD is now moving into a strong bearish channel with the prices trading below the $1,850 handle in the European trading session today.
We can see that the commodity channel index is at an oversold level now, which means that a potential bullish reversal is possible anytime in the markets.
The price of Ethereum may continue to decline further against the US dollar due to the global risk scenario and the flight towards the safe haven assets like the US Dollar and GOLD.
The key resistance levels to watch are $1,941 and $2,260, and the price of ETHUSD needs to cross these levels for a potential Bullish reversal.
ETH has declined by 6.91% with a price change of 136$ in the past 24hrs, and has a trading volume of 15.808 Billion USD.
We can see an Increase of 13.21% in the total trading volume in the last 24 hrs which appears to be normal.
The Week Ahead
Global investors are now looking to liquidate their holdings in the cryptocurrencies, which is the main reason for the continuous fall in the price of Ethereum. The ETH 2.0 planned upgrade has also not been activated, leading to concerns about the future of Ethereum and its market value.
The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned BEARISH; and the long-term outlook for Ether is NEUTRAL in present market conditions.
This week, Ether is expected to move in a range between $1,600 and $1,800, and next week, it is expected to enter into a consolidation phase above the $1,800 level.
Technical Indicators:
The Williams percent range: at -96.16 indicating an OVERSOLD level
The moving averages convergence divergence (12,26): at -25.11 indicating a SELL
The ultimate oscillator: at 33.56 indicating a SELL
The rate of price change: at -6.37 indicating a SELL
Ethereum was unable to sustain its bullish momentum last week, and after touching a high of 2,084 on 23rd May started to decline heavily against the US dollar.
We can see a strong bearish momentum this week and this is putting downward pressure on the prices of Ethereum below the 1,850 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 $1,817 in the Asian trading session and an intraday high of $1,970 in the European trading session today.
We can clearly see a bearish engulfing pattern below the $2,087 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 level of 1,860 and moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1,686 and Fibonacci support level of 1,819 after which the path towards 1,700 will get cleared.
The relative strength index is at 21 indicating an OVERSOLD market, and the possibility of a pullback action.
The StochRSI and Williams percent range are indicating an oversold level which means that the prices are due to correct upwards in the short-term range.
ALL of the technical indicators are giving a STRONG SELL market signal.
All of the MAs are giving a STRONG SELL signal, and we are now looking at the levels of $1,700 to $1,650 in the short-term range.
ETH is now trading below both the 100 hourly and exponential MAs.
A bearish reversal seen below the $2,087 mark
The short-term range appears to be strongly BEARISH
The daily RSI is below 50 at 21 indicating a bearish market
The average true range is indicating HIGH market volatility
Ether: Bearish Continuation Seen Below $2,087
ETHUSD is now moving into a strong bearish channel with the prices trading below the $1,850 handle in the European trading session today.
We can see that the commodity channel index is at an oversold level now, which means that a potential bullish reversal is possible anytime in the markets.
The price of Ethereum may continue to decline further against the US dollar due to the global risk scenario and the flight towards the safe haven assets like the US Dollar and GOLD.
The key resistance levels to watch are $1,941 and $2,260, and the price of ETHUSD needs to cross these levels for a potential Bullish reversal.
ETH has declined by 6.91% with a price change of 136$ in the past 24hrs, and has a trading volume of 15.808 Billion USD.
We can see an Increase of 13.21% in the total trading volume in the last 24 hrs which appears to be normal.
The Week Ahead
Global investors are now looking to liquidate their holdings in the cryptocurrencies, which is the main reason for the continuous fall in the price of Ethereum. The ETH 2.0 planned upgrade has also not been activated, leading to concerns about the future of Ethereum and its market value.
The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned BEARISH; and the long-term outlook for Ether is NEUTRAL in present market conditions.
This week, Ether is expected to move in a range between $1,600 and $1,800, and next week, it is expected to enter into a consolidation phase above the $1,800 level.
Technical Indicators:
The Williams percent range: at -96.16 indicating an OVERSOLD level
The moving averages convergence divergence (12,26): at -25.11 indicating a SELL
The ultimate oscillator: at 33.56 indicating a SELL
The rate of price change: at -6.37 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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