ETHUSD: Bullish momentum towards $ 4000
Ethereum broke through a significant psychological resistance level of $ 3,500 and is now moving in strong bullish momentum towards the $ 4,000 handle. ETHUSD hit an intraday high of $ 3,662 during the European trading session today.
ETH is now trading above its pivotal levels of $ 3,628 and Camarilla’s resistance levels of $ 3,633, with the price continually rising and preparing to break its classic resistance levels of $ 3,654.
Ether is expected to maintain the bullish tone this week and continue towards the $ 4,000 mark as the bulls take over. All technical indicators give a BUY signal.
ETH is now moving above 100 hour simple and exponential moving averages. Before hitting the $ 4000 mark, a price contraction is expected this week.
- Ethereum consolidates gains with firm bullish tone
- Short to medium term outlook remains bullish for ETHUSD
- All moving averages give a STRONG BUY signal
- The pair is expected to hit $ 3,800 in the US trading session today
Ether consolidates its gains
ETHUSD forms an uptrend continuation pattern, meaning that a breakout could occur at any time, pushing prices above the $ 4000 mark. At the start of the Asian trading session, volatility was low, but then demand increased, causing prices to soar.
ETH has gained 5.62% with a price change of + $ 193.78 in the last 24 hours and has a trading volume of $ 16.861 billion.
Ethereum for investors
Ethereum is increasingly accepted as an investment option for long-term appreciation, resulting in higher demand. Ethereum’s upside potential is greater than that of bitcoin in terms of percentage gains, which is why many bitcoin investors are now turning to Ethereum.
ETHUSD was priced at $ 586 during the same period in October 2020, and with current market prices of $ 3644, a gain of 621% is seen. Some crypto analysts have cited Ethereum as a better investment alternative to gold.
The coming week
Ethereum buying pressure is increasing today. Prices could hit the $ 4,000 mark this week. There is no visible contraction in ether prices today, but in the next few days we may see some short term bearish corrections towards the $ 3,500 level.
Ethereum’s medium-term range is positive and any decline will remain an attractive buying opportunity for long-term traders.
This week, ETH is expected to close above the $ 3,900 level. The trend is very likely to continue early next week.
Relative Strength Index (14 days): at 66.41 indicating a PURCHASE
Commodity channel index (14 days): at 70.69 indicating a PURCHASE
Price change rate: to 3.581 indicating a PURCHASE
Convergence divergence of moving averages (12,26): at 38.79 indicating a PURCHASE
LTCUSD – Bullish swallow pattern above $ 165
Litecoin is currently printing above the $ 170 handle, and its price is set to break through its pivotal level of 179.60 during the European trading session. It has already crossed its 100 hourly simple and exponential moving averages. Any drop in LTCUSD remains well supported, and we can see the price hit $ 185 today during the US trading session.
All moving averages give a STRONG BUY signal at current market prices of 179.15
Litecoin must now clear its Camarilla resistance levels of 180.09 and the classic resistance levels of 181.13, after which the path from $ 185 to $ 190 will be cleared.
A bullish engulfing pattern is seen in Litecoin at levels above $ 165, meaning the short to medium term outlook for Litecoin remains bullish.[patternisseeninLitecoinatlevelsabove5whichsignifiesthatshort-termandmedium-termoutlooksforLitecoinremainbullish[patternisseeninLitecoinatlevelsabove5whichsignifiesthatshort-termandmedium-termoutlooksforLitecoinremainbullish
- The 100-hour and 200-hour moving averages both indicate a BUY
- Medium term trend remains bullish with bullish targets of $ 190
- Range related trading could be seen before prices rise to $ 180
- The actual average range indicates less market volatility today
Litecoin price gaining pace
LTCUSD hit an intraday high of 181.05, and a short-term price correction is expected before the bullish trend continues towards the $ 185 handle.
This week we saw a mixed start with LTCUSD prices hitting a high of 185.37 and a low of 166.35.
Litecoin is trading with less market volatility today; more trading volumes could still be seen later. In the last 24 hours, LTCUSD has increased + 5.80% with + $ 9.82 in price and has a 24 hour trading volume of $ 2.552 billion.
The coming week
The Litecoin pullback has been strong. It is expected to break through its major resistance levels of $ 186 during this week.
Short selling in LTCUSD could occur at the $ 185 level, pushing the price below $ 175 this week.
The correlation between Bitcoin and Litecoin at 0.9 and stronger demand for BTC will continue to push LTC prices above $ 190.
Next week, he is expected to hit $ 185 as his immediate goal and then move to the 190-200 grip.
Relative Strength Index (14 days): at 60.23 with a PURCHASE
Price change rate: to 2.159 with a PURCHASE
Convergence divergence of moving averages (12,26): to 1.785 with a PURCHASE
Bull / bear power (13 days): to 2.232 indicating a PURCHASE