ETHUSD: Three White Soldiers Pattern Above $1222
Ethereum was unable to sustain its bearish momentum and after touching a low of 1222 on 08th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1250 handle today in the European trading session.
We can see the formation of a bullish doji star pattern in the 1-hour time frame indicating bullish trends.
The commodity channel index indicator is giving a bullish divergence signal in the 1-hour time frame.
We can clearly see a three white soldiers pattern above the $1222 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 1286 and is moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1287 and Fibonacci resistance level of 1288 after which the path towards 1300 will get cleared.
The relative strength index is at 48 indicating a NEUTRAL demand for Ether and the continuation of the consolidation phase in the markets.
The resistance of the channel is broken on the daily time frame.
The STOCHRSI is indicating an OVERBOUGHT level, which means that the prices are expected to decline in the short-term range.
Some of the technical indicators are giving a BUY market signal.
Most of the moving averages are giving a NEUTRAL signal due to the market consolidation seen below the $1300 handle.
ETH is now trading below both the 100 hourly simple and 200 hourly exponential moving averages.
- Ether: bullish reversal seen above the $1222 mark
- The short-term range appears to be mildly bullish
- ETH continues to remain above the $1250 level
- The average true range is indicating LESS market volatility..More info: blog FXOpen
Ether: Bullish Reversal Seen Above $1222
