ETHUSD: Bullish Engulfing Pattern Above $4000
Ethereum is moving in a strong bullish momentum after clearing the psychological resistance level of $4000. The price of ETHUSD touched an intraday high of $4241 in the Asian trading session and is now preparing for its next rally towards the $5000 handle.
ETH is now trading above its pivot level of $4157 and Fibonacci resistance level of $4169. The price of Ethereum is surging continuously today and is about to break its classic resistance level of $4206.
Ether is expected to maintain the bullish tone this week and continue towards the $4500 mark as the bulls take over. All the major technical indicators are giving a BUY signal.
ETH is now moving above both the 100 hourly and 200 hourly simple moving averages. Bullish engulfing pattern above $4000 suggests that we could witness a fresh rally towards $5000 soon.
- Ethereum continues to remain above the psychological level of $4000
- Short-term to medium-term outlooks remain bullish for ETHUSD
- All the moving averages are giving a STRONG BUY signal
- The pair is expected to touch $4500 in the US trading session today
Ether’s Rally Towards $5000 Confirmed ..... More info: blog FXOpen
