ETHUSD: Bullish Gobbling Pattern Above $1075
Ethereum could not sustain its bullish momentum and after touching a high of 1230 on 20 November, prices began to decline against the US dollar touching a low of 1078 on 22 November.
After this decline we can see some upward correction in the levels of Ethereum towards the $1200 handle.
We can see a pattern of three white soldiers in the daily time frame indicating the Bullish trend.
We can clearly see a bullish engulfing pattern above the $1075 handle, which is a bullish pattern and signifies the end of a bearish phase and the beginning of a bullish phase in the markets.
ETH is now trading just above its pivotal levels of 1201 and moving into a strongly bullish channel. ETHUSD price is now testing its classic resistance level of 1205 and Fibonacci resistance level of 1211 after which the path to 1250 will be cleared.
The relative strength index is at 62 indicating STRONG demand for Ether and the continuation of the buying pressure in the markets.
The Williams percentage range is back above -50 on the daily time frame indicating bullish sentiment.
The STOCHRSI indicates an oversold level, which means that the prices are expected to correct upwards in the near-term range.
Most of the technical indicators are giving a STRONG BUY market signal.
Most of the moving averages are giving a buy signal, and we are now looking at the levels of $1250 to $1300 in the near-term range.
ETH is now trading below its 100 hourly simple and exponential moving averages….More info: blog FXOpen