ETHUSD Consolidating Towards $4000
Ethereum had a major bearish correction yesterday breaking down below the $4000 level, after which the price has stabilized and is moving to a consolidation phase towards the $4000 handle.
ETHUSD touched an intraday high of $4298 on Wednesday, after which the prices saw a correction of more than 5%. The pair touched an intraday low of $3913 in today’s European trading session.
ETH is now trading just above its pivot level of $4018 and Camarilla resistance level of $4016. ETH is gaining bullish uptrend today and is about to break its classic resistance level of $4057.
Ether is expected to continue its uptrend move this week and reach the $4400 mark before this weekend. All the major technical indicators are giving a STRONG BUY signal.
ETH is now trading just above its 100 hourly simple moving averages. Moving averages crossover has been detected, signaling a potential change in trend towards $4400.
- Ethereum recovered its losses and continues to trade above the $4000 level
- Short-term to medium-term outlooks remain bullish for ETHUSD
- Average true range indicates less market volatility
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Moving averages crossover pattern seen in 5 hourly MA ..... More info: blog FXOpen
