ETHUSD and LTCUSD Technical Analysis – 16th MAR, 2023

ETHUSD: Bullish Harami Pattern Above $1369

Ethereum was unable to sustain its bearish momentum and after touching a low of $1369 on 10th Mar, the price started to correct upwards against the US dollar touching a high of $1775 on 14th Mar.

We have seen a bullish opening of the markets this week.

The MACD indicator is giving a bullish divergence signal in the weekly time frame.

We can clearly see a bullish harami pattern above the $1369 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 below its pivot level of 1660 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1705 and Fibonacci resistance level of 1761 after which the path towards 1800 will get cleared.

We can see the formation of bullish engulfing lines in the weekly time frame.

The relative strength index is at 55.18 indicating a strong demand for Ether and a shift towards the buying phase in the markets.

The STOCHRSI is giving an overbought signal, which means that the price is expected to decline in the short-term range.

Most of the technical indicators are giving a buy market signal.

Most of the moving averages are giving a buy signal at the current market level of $1650.

ETH is now trading above both its 100 hourly simple and 100 hourly exponential moving averages.

  • Ether: bullish reversal seen above the $1369 mark.
  • The short-term range appears to be mildly bullish.
  • ETH continues to remain above the $1600 level.
  • The average true range is indicating high market volatility.

Ether: Bullish Reversal Seen Above $1369

ETHUSD continues to build upwards momentum and we are now looking to cross the $1700 handle after which the next visible targets are located at the $1800 level.

The parabolic SAR indicator is giving a bullish reversal signal in the weekly time frame.

The MACD indicator is back over zero in the weekly time frame indicating a bullish scenario present in the markets.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 4-hour time frame.

ETHUSD touched an intraday high of 1664 and an intraday low of 1634 in the Asian trading session today.

The key support levels to watch are $1559 at which the price crosses 9-day moving average stalls, and at $1587 which is a 14-day RSI at 50%.

ETH has decreased by 2.21% with a price change of 37.60$ in the past 24hrs and has a trading volume of 12.639 billion USD.

We can see a decrease of 18.80% in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

ETH was successful in crossing the $1700 handle and touched a high of $1775 after which we can see some downwards correction. After the price stabilizes, we are looking for fresh upsides in the range of $1700 to $1800 levels.

We can see the formation of a bullish ascending channel from $1369 towards the $1687 level.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether neutral under present market conditions.

The resistance zone is located at $1710 which is a pivot point 1st resistance point and at $1781 which is a 1-month high.

The weekly outlook is projected at $1850 with a consolidation zone of $1800.

LTCUSD: Morning Star Pattern Above $65.14

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $65.14 on 11th Mar, the price started to correct upwards against the US dollar touching a high of $88.12 on 14th Mar.

We have seen a bullish opening of the markets this week.

We can clearly see a morning star pattern above the $65.14 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

Litecoin is now trading above its 100 hourly simple moving averages and above its 100 hourly exponential moving averages. The price of LTCUSD is just above its pivot level of 78.65.

The relative strength index is at 51.13 indicating a neutral demand for Litecoin and the continuation of the buying pressure in the markets.

The price of Litecoin continues to remain above some of the moving averages, which are now giving a buy signal at current market levels of 79.26.

The STOCHRSI and Williams percent range are giving an overbought signal, which means that the price is expected to decline in the short-term range.

The price is back over the pivot point in the weekly time frame indicating bullish trends.

The short-term outlook for Litecoin has turned bullish.

  • Most of the technical indicators are giving a strong buy signal.
  • Litecoin: bullish reversal seen above the $65.14 level.
  • The RSI is giving a neutral signal.
  • The average true range is indicating less market volatility.

Litecoin: Bullish Reversal Seen Above $65.14

The price of Litecoin continues to move in a bullish correction phase and we can see more upsides in the range of $80 to $90 levels.

We can see the bullish price crossover with moving average MA50 in the weekly time frame.

We can see the formation of a bullish harami pattern in the daily and weekly time frame.

The MACD indicator is giving a bullish divergence signal in the daily time frame.

The price of LTCUSD is now facing its classic resistance level of 78.94 and Fibonacci resistance level of 79.13 after which the path towards $80 will get cleared.

Litecoin touched an intraday low of $75.41 in the Asian trading session and an intraday high of $79.56 in the European trading session today.

Litecoin is now facing its resistance zone at $80.61 at which the price crosses 9 day moving average and at $83.69 which is a 50% retracement from a 4 week high/low.

LTCUSD has decreased by 3.70% with a price change of 3.05$ in the past 24hrs and has a trading volume of 0.818 billion USD.

Litecoin’s trading volume has decreased by 6.93% compared to yesterday which is due to the market consolidation.

The Week Ahead

The price of Litecoin remains supported at lower levels and we can witness a continuous uptick in the price which is poised to cross $80.00 levels now.

We are now looking for fresh upsides above $85 and the continuation of the bullish momentum present in the markets.

We can see the formation of a bullish price crossover pattern with the moving average MA50 in the weekly time frame.

The price of Litecoin needs to remain above the important support levels of $77.98 which is a 38.2% retracement from a 13 week low and at $79.10 which is a pivot point.

The short-term outlook for Litecoin has turned bullish, the medium-term outlook is bullish, and the long-term outlook is neutral under present market conditions.

The weekly outlook is projected at $88 with a consolidation zone of $85.

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