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.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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.