ETHUSD: Double Bottom Pattern Above $2,800
Ethereum continues its upwards momentum from last week and has managed to cross the $3,000 levels in today’s European trading session.
The continued appreciation in the price of ETHUSD is a result of an increased demand for holding ETH amid its transition to ETH 2.0.
In today’s early Asian trading session, Ethereum touched an intraday high of $3,078 and an intraday low of $2,972.
We can clearly see a double bottom pattern above the $2,800 handle, which is bullish, 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 $3,055 and moving within a bullish channel. The price of ETHUSD is testing its classic resistance level of $3,067 and Fibonacci resistance level of $3,079 after which the path towards $3,200 will get cleared.
The relative strength index is at 57 indicating a STRONG demand for Ethereum and the continuation of buying pressure in the markets.
All of the technical indicators are giving a STRONG BUY market signal....More info: blog FXOpen
