ETHUSD and LTCUSD Technical Analysis – 05th MAY, 2022
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ETHUSD: Bullish Engulfing Pattern above $2,750
Ethereum was moving in a bearish phase last week and touched a low of 2,725 on May 1st, after which it entered into a consolidation channel above the $2,750 handle.
This week, ETHUSD started moving in a bullish channel, and managed to cross the $2,900 handle in the European trading session today.
We can clearly see a bullish engulfing pattern above $2,750 which signifies the end of a bearish trend and the start of a bullish trend.
We can see that the price of Ethereum has retracted from its highs due to some profit taking, but the bullish channel continues, and we are aiming for the upsides of $3,100 and $3,300 this week.
ETH is now trading just below its pivot level of 2,936 and moving in a mild bullish momentum. The price of ETHUSD is now facing its classic resistance level of 2,944, Fibonacci resistance level of 2,960, and is now aiming towards the $3,000 handle in the US trading session.
Most of the moving averages are giving a BUY signal.
ETH is now trading below both its 100 hourly and 200 hourly simple MAs.
Ethereum is in a mildly bullish channel
Short-term trend reversal seen above $2,750
All the major technical indicators are giving a NEUTRAL to BUY signal
The average true range is indicating LESSER market volatility
Ether: Bullish Channel Above $2900 Confirmed
ETHUSD has consolidated its gains above $2,900 in the European trading session, and we can clearly see that the bullish channel is back.
We are now aiming for the upsides of $3,000 to $3,100 in today’s US trading session. The retracement from $2,721 was very strong which suggests that there is more room for the upsides in Ethereum this month, and a level of $3,500 is the next target.
We can see the MA crossover pattern above the level of 2,850 which means that in the immediate short term we will see the continuation of the bullish channel.
ETH has gained 2.86% with a price change of 81.25$ in the past 24hrs, and has a trading volume of 17.890 billion USD.
We can see an increase of 36% in the trading volume as compared to yesterday which means that new buyers are entering the markets and waiting for further correction in the levels of Ethereum.
The Week Ahead
Ether is printing above $2,980 today, and we can see levels of $3,000 to $3,200 this week.
The medium-to-long term outlook for Ether remains bullish with targets of above 3,500 in May.
With the US Federal Reserve increasing its benchmark interest rate by half a percentage point, the price of Ethereum continues rising along with other top cryptocurrencies.
Ether has already broken its major resistance level of $2,800 and is now facing the next resistance level of $3,000.
Technical Indicators:
The commodity channel index (14-day): at 135.24 indicating a BUY
The moving averages convergence divergence (14-day): at 14.80 indicating a BUY
The ultimate oscillator: at 61.44 indicating a BUY
The rate of price change: at 3.39 indicating a BUY
Ethereum was moving in a bearish phase last week and touched a low of 2,725 on May 1st, after which it entered into a consolidation channel above the $2,750 handle.
This week, ETHUSD started moving in a bullish channel, and managed to cross the $2,900 handle in the European trading session today.
We can clearly see a bullish engulfing pattern above $2,750 which signifies the end of a bearish trend and the start of a bullish trend.
We can see that the price of Ethereum has retracted from its highs due to some profit taking, but the bullish channel continues, and we are aiming for the upsides of $3,100 and $3,300 this week.
ETH is now trading just below its pivot level of 2,936 and moving in a mild bullish momentum. The price of ETHUSD is now facing its classic resistance level of 2,944, Fibonacci resistance level of 2,960, and is now aiming towards the $3,000 handle in the US trading session.
Most of the moving averages are giving a BUY signal.
ETH is now trading below both its 100 hourly and 200 hourly simple MAs.
Ethereum is in a mildly bullish channel
Short-term trend reversal seen above $2,750
All the major technical indicators are giving a NEUTRAL to BUY signal
The average true range is indicating LESSER market volatility
Ether: Bullish Channel Above $2900 Confirmed
ETHUSD has consolidated its gains above $2,900 in the European trading session, and we can clearly see that the bullish channel is back.
We are now aiming for the upsides of $3,000 to $3,100 in today’s US trading session. The retracement from $2,721 was very strong which suggests that there is more room for the upsides in Ethereum this month, and a level of $3,500 is the next target.
We can see the MA crossover pattern above the level of 2,850 which means that in the immediate short term we will see the continuation of the bullish channel.
ETH has gained 2.86% with a price change of 81.25$ in the past 24hrs, and has a trading volume of 17.890 billion USD.
We can see an increase of 36% in the trading volume as compared to yesterday which means that new buyers are entering the markets and waiting for further correction in the levels of Ethereum.
The Week Ahead
Ether is printing above $2,980 today, and we can see levels of $3,000 to $3,200 this week.
The medium-to-long term outlook for Ether remains bullish with targets of above 3,500 in May.
With the US Federal Reserve increasing its benchmark interest rate by half a percentage point, the price of Ethereum continues rising along with other top cryptocurrencies.
Ether has already broken its major resistance level of $2,800 and is now facing the next resistance level of $3,000.
Technical Indicators:
The commodity channel index (14-day): at 135.24 indicating a BUY
The moving averages convergence divergence (14-day): at 14.80 indicating a BUY
The ultimate oscillator: at 61.44 indicating a BUY
The rate of price change: at 3.39 indicating a BUY
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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.
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