ETHUSD: Double Bottom Pattern Above $4,000
On Nov 23rd, Ethereum touched a low of $4,030, after which the prices stabilized and, as of yesterday, entered into a consolidation phase.
In today’s Asian trading session, ETHUSD touched an intraday high of $4,334.
We can see a double bottom pattern above $4,000 which signifies a bullish reversal, end of a downtrend and a shift towards an uptrend.
In today’s European trading session, the price of Ethereum continues to rise slowly and is aiming for upsides of $4,400 and $4,500.
The fall in the levels of ETH seen last week occurred due to profit-taking; the bullish tone is back in the markets. The pair is gaining a bullish momentum and is also poised for a rally upwards of $4,500 that can happen any time now.
ETH is trading above its pivot level of $4,276 and moving in a bullish trend. The price of ETHUSD has already broken its classic resistance level of $4,298 and its Fibonacci resistance level of $4,290. In the US trading session, it is aiming towards the $4,400 handle.
All the major technical indicators are giving a STRONG BUY signal.
ETH is now trading above both the 100 hourly and 200 hourly simple moving averages.
- Ethereum is in continuation of bullish channel
- Short-term range appears to be bullish for ETHUSD
- All the moving averages are giving a STRONG BUY signal
- Average true range is indicating LESS market volatility ....More info: blog FXOpen
- Ether: Bullish Trend Towards $4,500 Confirmed
