ETHUSD: Bullish Harami Pattern Above $1523
Ethereum was unable to sustain its bearish momentum and after touching a low of 1529 on 20th Aug started to correct upwards, crossing the $1700 handle in the European trading session today.
We can see a continuous appreciation in the prices of Ethereum due to the buying seen at lower levels by the medium-term investors.
We can clearly see a bullish harami pattern above the $1523 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 1709 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1713 and Fibonacci resistance level of 1718 after which the path towards 1800 will get cleared.
The relative strength index is at 63 indicating a STRONG demand for Ether and the continuation of the uptrend in the markets.
We can see that the adaptive moving average, AMA100, is indicating a bullish trend reversal in both the 2-hour and 4-hour timeframes.
The Williams percent range is indicating an OVERBOUGHT market, which means that the prices are expected to correct downwards in the short-term range.
Most of the technical indicators are giving a STRONG BUY market signal.
All of the moving averages are giving a STRONG BUY signal and we are now looking at the levels of $1800 to $1900 in the short-term range...More info: blog FXOpen
