FXOpen
Bulls were able to take control of the market, and after touching a low of $1,786 on 26 April, the ETH/USD pair is showing bullish momentum, touching a high of $1,938 today in the early Asian trading session.
ETHUSD is under mild bullish pressure after its decline below the $1,800 handle due to improved investor sentiment and support seen at lower levels.
The morning star pattern is above the $1,786 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.
The price is above the Ichimoku cloud in the 15-minutes timeframe.
ETH is back above the pivot point, indicating the bullish pressure in the market.
The relative strength index is at 57.13, indicating a strong demand for Ether and a continuation of the buying pressure in the market.
The STOCHRSI is giving neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.
We also detected the formation of the bullish trend reversal pattern with the 50-period moving average in the 15-minutes timeframe.
Most of the technical indicators are bullish. Most moving averages are bullish at the current market level of $1,885.
ETH is now trading above the 200-hour simple and 200-hour exponential moving averages.
- ETH bullish reversal is seen above the $1,786 mark.
- The short-term range is expected to be mildly bullish.
- The average true range indicates high market volatility.
ETH Bullish Reversal Is above $1,786
On the daily chart, ETH is trading just above its pivot level of $1,874 and is moving into a mild bullish channel. The price is about to break its classic resistance level of $1,955 and its Fibonacci resistance level of $2,044; supports are $1,808 and $1,845.
The key support levels to watch are $1,845, which is a 38.2% retracement from the 13-week high, and $1,862, which is a 14-3 daily raw stochastic at 20.
The Week Ahead
ETH continues to correct higher above $1,800, which indicates the bullish momentum, and is expected to move towards the $1,900 level in the medium-term range in the H1 timeframe.
We see a short-term bullish trend line forming from $1,786 towards the $1,954 level.
There is a minor bullish trend line with the resistance at $1,971, which is a 38.2% retracement from a 4-week high.
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 $2,034, which is a 14-3 day raw stochastic at 70, and at $2,106, at which the price crosses the 9-day moving average.
The weekly outlook is $2,000 with a consolidation zone of $1,900.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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