ETHUSD: Bullish Doji Star Pattern Above $1040
Ethereum has started its bullish momentum against the US dollar after moving into a consolidation channel last week and is now trading above the $1100 handle in the US trading session.
We can see a continued appreciation in the prices of Ethereum, mainly due to the buying seen at lower levels by the medium-term investors.
We can see the formation of a super trend in the 15-minute time frame above the $1100 handle, and now are looking at $1200 and $1250 as the immediate targets.
The prices touched an intraday low of $1155 in the Asian trading session and an intraday high of $1201 in the European trading session today.
We can clearly see a bullish doji star pattern above the $1040 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.
ETH is now trading above its pivot level of 1182 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1190 and Fibonacci resistance level of 1197 after which the path towards 1200 will get cleared.
The relative strength index is at 61 indicating a STRONG market and the continuation of the uptrend in the markets…More info: blog FXOpen