ETHUSD: Bullish Engulfing Pattern Above $1257
Ethereum was unable to sustain its bullish momentum and after touching a high of 1400 on 27th Sep the price started to decline against the US dollar. The price of Ethereum touched a low of 1266 on 28th Sep after which we can see a bounce upwards.
We can see a continued buying pressure today and the formation of a bullish engulfing line in the 2-hour time frame.
We can clearly see a bullish engulfing pattern above the $1257 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 just above its pivot level of 1321 and moving into a strong bullish channel. The price of ETHUSD is now testing its сlassic resistance level of 1327 and Fibonacci resistance level of 1331 after which the path towards 1400 will get cleared..More info: blog FXOpen
