ETHUSD: Bearish Engulfing Pattern Below $4,600
Ethereum has started bearish correction today in the Asian trading session, and the prices continue to break down below the $4,550 level with more downsides. We can see a bearish engulfing pattern below the $4,600 handle which signifies a bearing short-term trend reversal.
ETHUSD touched an intraday high of $4,661 yesterday in the US trading session after which the prices saw a downward correction of more than 4%, touching an intraday low of $4,509 today in the European trading session.
ETH is now trading below its classic support level of $4,544 and Camarilla support level of $4,564. ETH is gaining a bearish downtrend today and is about to break its classic resistance level of $4,057.
Ether is following a bearish path below $4,600 against the US dollar. No recovery seen today as the upsides remain limited and more selling pressure is seen below the $4,550 level...... More info: blog FXOpen
