ETHUSD: Bullish Engulfing Pattern Above $2,400

Ethereum ended its bearish phase after touching a low of $2,498 on March 14 and moved into a consolidation channel.

On March 15, ETHUSD entered into a bullish phase which pushed its prices above the $2,700 handle in today’s European trading session.

We can clearly see a bullish engulfing pattern above the $2,400 handle which 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 $2,755 and moving in a bullish channel. The price of ETHUSD is now testing its classic resistance level of $2,763 and Fibonacci resistance level of $2,773, after which the path towards $2,900 will get cleared.

The relative strength index is at 59 indicating a STRONG demand for Ethereum and the continuation of the buying pressure in the markets...More  info:  blog  FXOpen