ETHUSD: Bullish Engulfing Pattern Above $3,100
Ethereum continues its bullish momentum from last week and has managed to touch the $3,400 handle in the European trading session today.
Ethereum touched an intraday high of 3,423 and an intraday low of 3,372 in the early Asian trading session today.
We can clearly see a Bullish engulfing pattern above the $3,100 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.
ETH is now trading just above its pivot level of 3,400 and is moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,407 and Fibonacci resistance level of 3,411, after which the path towards 3,500 will get cleared.
The relative strength index is at 54 indicating a NEUTRAL demand for Ethereum and the move towards the consolidation phase.
Both the Stoch and RSI are indicating a neutral level which means that the prices are due to enter into a consolidation zone.
All of the technical indicators are giving a STRONG BUY market signal.
All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,500 to $3,600 in the short-term range.
ETH is now trading above both its 100 and 200 hourly simple moving averages....More info: blog FXOpen
