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ETHUSD AND LTCUSD Technical Analysis – 02nd JUNE, 2022 | Forex Trading Blog | Online Trading Blog

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ETHUSD: Bearish Engulfing Pattern Below $2015

Ethereum was unable to sustain its bullish momentum last week and after touching a high of 2011 on 31st May started to decline heavily against the US Dollar.

We can see a strong bearish momentum this week and this is putting downwards pressure on the prices of Ethereum below the 1850 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 $1794 in the Asian trading session and an Intraday High of $1843 in the European Trading session today.

We can clearly see a Bearish Engulfing Pattern Below the $2015 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 above its Pivot levels of 1817 and is moving into a Strong bearish channel. The price of ETHUSD is now testing its Classic support levels of 1767 and Fibonacci support levels of 1805 after which the path towards 1700 will get cleared.

Relative Strength Index is at 40 indicating a WEAK market and the continuation of the decline after the consolidation phase gets over.

The STOCHRSI is indicating Oversold levels which means that the prices are due to correct upwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG SELL market Signal.

All of the Moving Averages are giving a STRONG SELL Signal and we are now looking at the levels of $1700 to $1600 in the short-term range.

ETH is now trading Below its both the 100 Hourly and Exponential Moving Averages.

  • Ether Bearish Reversal seen below the $2015 mark.
  • Short-term range appears to be Strongly BEARISH.
  • Daily RSI is Below 50 at 38 indicating a Bearish market.
  • Average True Range is indicating HIGH Market Volatility.

Ether Bearish Continuation Seen Below $2015

ETHUSD is now moving into a Strong Bearish channel with the prices trading below the $1850 handle in the European Trading session today.

We can see the formation of a Major Bearish trend line in the hourly chart which suggests that further decline in the prices of Ethereum are expected.

The prices of Ethereum are moving into a consolidation channel now and after the consolidation phase is over a further decline in its levels is expected.

The key resistance levels to watch are $1919 and $2046 and the prices of ETHUSD need to cross these levels for a potential Bullish reversal.

ETH has declined by 5.80% with a price change of 112$ in the past 24hrs and has a trading volume of 21.678 Billion USD.

We can see an Increase of 22.75% in the total trading volume in last 24 hrs. which is due to the continuation of the selling pressure across the global markets.

The Week Ahead

The global investor sentiments are weak and they are not willing to enter into the markets now, which is the main reason for the continuous fall in the prices of the Ethereum.

The delay in the implementation of the ETH 2.0 upgrade continues to affect the prices of Ethereum in the short-term range.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned BEARISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $1600 and $1800 and in the next week Ether is expected to enter into a Consolidation phase above the $1800 levels.

Technical Indicators:

Williams Percent Range: It is at -78.90 indicating a SELL.

Moving Averages Convergence Divergence (12,26): It is at -16.00 indicating a SELL.

Ultimate Oscillator: It is at 40.51 indicating a SELL.

Rate of Price Change: It is at -4.16 indicating a SELL.

LTCUSD: Bearish Piercing Pattern Below $70

Litecoin was unable to sustain its bullish momentum last week and after touching a high of 70.02 on 01st June started to decline heavily against the US Dollar.

The ongoing bearish momentum pulled down the prices of Litecoin below the $64 handle touching a low of 62.07 in the European Trading session today.

The selling pressure continues and we are expecting more downsides in the levels of Litecoin towards the levels of $60 and $55 in this week.

We can clearly see a Bearish Piercing Pattern below the $70 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase.

Litecoin is now trading Below its 100 hourly Simple moving averages and 200 hourly Exponential moving averages. The price of LTCUSD is just below its Pivot levels of 64.43

Relative Strength Index is at 40 indicating a WEAK market, and the continuation of the selling pressure this week.

The prices of Litecoin continue to remain Below ALL of the Moving Averages, which are now giving a STRONG SELL Signal at current market levels of 63.50

The Williams Percent Range and STOCHRSI are indicating Oversold levels, which means that the prices are expected to correct upwards soon.

The Short-Term outlook for the Litecoin has turned Strong BEARISH.

  • ALL of the Technical Indicators are giving a STRONG SELL Signal.
  • Litecoin Bearish Continuation Below the $70 levels.
  • Litecoin consolidation has started above the $62 handle.
  • Average True Range is indicating HIGH Market Volatility.

Litecoin Bearish Continuation Below $70

We can see the formation of a consolidation pattern in Litecoin above the $62 handle which is expected to stabilize the downfall.

The price of LTCUSD is now facing its Classic support levels of 60.70 and Fibonacci support levels of 62.20 after which the path towards $55 will get cleared.

The Daily RSI is printing at 38 which is indicating a Bearish market and the continuation of the downwards trend.

LTC has declined 4.75% with a price change of -6.97$ in the past 24hrs and has a trading volume of 0.671 Billion USD.

Litecoin trading volume has increased by 5.24% as compared to yesterday which appears to be Normal.

The Week Ahead

In this week we are looking at the support levels of $60 and the shift towards the consolidation channel above the $62 handle.

If the prices remain above these levels, we can see some bullish moves in the next week.

The short-term outlook for Litecoin has turned as Strong BEARISH, the medium-term outlook is BEARISH, and the long-term outlook is NEUTRAL at present market conditions.

In this week we are looking at levels of $60 to $65 and in the next week Litecoin is expected to consolidate at levels above $65.

Technical Indicators:

Relative Strength Index(14days): It is at 40 indicating a SELL.

Moving Averages Convergence Divergence (12,26): It is at -0.710 indicating a SELL.

Rate of Price Change: It is at -3.78 indicating a SELL.

Ultimate Oscillator: It is at 41.11 indicating a SELL.

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