ETHUSD: Three white pawns above $1222
Ethereum could not sustain its bad momentum and after touching a low of 1222 on 08 December, the price started to slide against the USD to a consolidation channel above the $1250 handle today in the European trading session.
A bullish doji star pattern can be seen forming on the 1-hour time frame, indicating bullish trends.
The Commodity Channel Index indicator gives a positive divergence signal on the 1-hour time frame.
We can clearly see the pattern of three white knights above the $1222 handle.
ETH is now trading above its pivot level of 1286 and moving into a consolidation channel. ETHUSD price is testing its classic resistance level of 1287 and 1288 Fibonacci resistance level, after which the path towards 1300 will be cleared.
The Relative Strength Index is at 48, indicating neutral demand for Ether and continuation of the consolidation phase in the markets.
The resistance of the channel is broken on the daily time frame.
STOCHRSI indicates an overbought level, which means prices are expected to decline in the short term.
Some technical indicators provide 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 moving averages.
- Ether: Positive reversal seen above the $1222 mark
- The short-term range seems to be slightly bullish
- ETH continues to hold above the $1250 level
- Average True Range indicates less market volatility..More info: blog FXOpen
Ether: Bullish reversal seen above $1222