ETHUSD Analysis: Bullish Engulfing Pattern above $1,785


Bulls were able to take control of the market, and after touching a low of $1,785 on 17 May, the ETHUSD pair started moving upwards, with strong demand seen above $1,800.

On the H1 timeframe:

  • ETHUSD is supported by bulls after its decline below the $1,800 handle with immediate targets of $1,850 and $1,900.
  • The bullish engulfing pattern is above the $1,785 handle. It's a bullish pattern, which signifies the end of a bearish phase.
  • The relative strength index is at 59.28, indicating a strong demand for Ether and a continuation of a buying sentiment in the market.
  • Both the STOCH and ADX are giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
  • ETH price is now trading above the 100-hour simple and 200-hour exponential moving averages.
  • ETH price bullish reversal is seen above the $1,785 mark.
  • The average true range indicates low market volatility.
  • The ultimate oscillator indicator provides a neutral signal.

ETH Bullish Reversal Seen above $1,785

On the D1 timeframe:

  • ETH price is trading just above its pivot level of $1,825 and is moving into a mild bullish channel.
  • The price is about to break its classic resistance level of $1,833 and its Fibonacci resistance level of $1,839; further supports are $1,742 and $1,755.
  • We can see the formation of a bullish engulfing pattern.
  • The short-term range is expected to be mildly bullish.
  • The resistance of the triangle and channel is broken.

On the weekly timeframe:

  • The market opened bullish.
  • The price is back over the pivot point.
  • Some of the technical indicators signal a neutral tone in the market.

Most of the technical indicators are bullish. Most moving averages are bullish at the current market level of $1,826.

The key support levels to watch are $1,796, which is a 14-3 day raw stochastic at 20, and $1,816, which is a pivot point.

The Week Ahead

The Ethereum to USD exchange rate continues to correct higher, above $1,800, reflecting the bullish momentum and is expected to move towards the $1,850 level in the medium-term range in the H1 timeframe.

We see a short-term bullish trend line forming from $1,785 towards $1,842.

The immediate short-term outlook for ETH has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook is neutral in present market conditions.

The resistance zone is at $1,839, at which the price crosses a 18-day moving average, and at $1,852, which is a 14-day RSI at 50.

The weekly outlook for Ethereum price is $1,900, with a consolidation zone around $1,850.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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