ETHUSD: Ether Rebounding Towards $3000
Ethereum failed to clear the $3200 mark after opening this week on a bullish tone and has since then seen correction touching a low of $2781.58. ETH is now moving above the 100 hourly moving average and would need to cross the major resistance located at $3511.
- Ethereum is gaining traction above $2800 today.
- A correction is expected towards $2955 before the continuation of the bullish trend.
- Staying above both the 100 hourly simple and exponential moving averages.
- The pair is expected to cross $3500 in the opening of the next week.
Ether Dips Well Supported
Ethereum is now on its path towards $3500 after clearing the 20-day moving average of 2913.76 The volatility in Ethereum is low, which is expected to continue next week.
ETH has gained 1.89% with a price change of +$55.32 in the past 24hrs, and has a trading volume of 17.985 billion USD.
The Week Ahead
Ethereum is rebounding after falling towards $2800 as the investors are buying the dips. The movements in Ethereum correlate to the US stocks as the Federal Reserve has hinted it will start hiking interest rates in the coming year.
The rebound was strong and the 50-day moving average, also indicating a BUY.
This week, ETHUSD is expected to close at above the $3200 level, and the trend will continue in the opening of the next week.
In the next week, Ether is expected to cross its resistance located at $3300. Any rally in the crypto markets could steer it above the $3550 level.
Technical Indicators:
Moving averages convergence divergence (12,26): at 37.67, indicating a BUY.
100 hourly moving average: at 2955.89, indicating a BUY.
Ultimate oscillator: at 52.42, indicating a BUY.
Relative strength index (14 days): at 57.79, indicating a BUY.
LTCUSD: Bullish Engulfing Pattern
Litecoin is currently printing above the $150 and staying above its classic support levels in the London trading session. This week, LTCUSD opened lower and touched a low of $143.26 yesterday after which the dips remain well supported. A strong BUY is being signaled by major technical indicators, and Litecoin is expected to cross the $160 handle this week. Litecoin is currently trading at 150.33 above its Fibonacci levels. Short-term outlook for Litecoin appears bullish, and the 100-day moving average indicates a strong BUY.
- Relative strength index (14-day) and average direction change (14-day) are both indicating a BUY at the current market levels of $150.33.
- A short-term correction below $150 is expected before the continuation of the bullish trend.
- Simple and exponential moving averages indicate a strong BUY.
- Average true range (14-day) indicates less volatility.
Litecoin: Strong Bullish Trend
Litecoin was struggling to keep itself above the $149 after the selling pressure that was observed in all the crypto currencies during the opening of this week. Since then, LTCUSD has stabilized and is currently moving in a bullish engulfing pattern signaling a strong BUY at a current price. It is expected to reach $165 as the immediate target, and then move towards the 185 mark seen at the start of this month.
Litecoin is trading with less market volatility today and has touched an intraday low of 143.95 in the Asian trading session. In the last 24hrs, LTCUSD rose by +6.84% to +6.38$ and has a 24hr trading volume of USD 2.63 Billion.
Litecoin Well Supported Above $140
Litecoin price has entered a continuous uptrend today having cleared its classic resistance level of 149.16 and is now facing a DeMark resistance level of 166.30, and Fibonacci resistance level of 173.32
LTCUSD is slowly recovering from its weekly low of 143.26, and the current price action is positive with the immediate target of 154.21 for today.
Technical Indicators:
100-day moving average: at 148.02 with a BUY
StochRSI (14-day): at 70.40 with a BUY
Moving averages convergence divergence (12,26): at 1.583 with a BUY
Ultimate oscillator: at 54.62 with a BUY
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