ETHUSD: Bullish pattern above $1257
Ethereum was unable to sustain its bullish momentum and after touching a high of 1400 on September 27, the price began to decline against the US dollar. Ethereum price touched a low of 1266 on September 28, after which we can see a rebound to the upside.
We can see continued buying pressure today and the formation of a bullish enveloping line in the 2-hour period.
We can clearly see a bullish pattern above the $1257 handle, which is a bullish pattern and signifies the end of a bearish phase and the beginning of a bullish phase in the markets.
ETH is now trading just above its 1321 pivot level and moving into a strong bullish channel. The price of ETHUSD it is now testing its classic resistance level of 1327 and Fibonacci resistance level of 1331, after which the path to 1400 will be cleared..Read more: Blog FXOpen
