December 24, OctaFX – Ethereum has opened the new trading week strongly, with the ETHUSD pair the strongest performing cryptocurrency amongst the top twenty cryptocurrencies by market capitalization.
ETHUSD Technical Analysis: Bullish Pattern Working
The recent break above the $126.00 level has triggered a bullish inverted head and shoulders pattern, with an upside projection extending well above the $150.00 level. Sellers need to move price back under the $142.00 in order to ease intraday bullish momentum.
- The ETHUSD pair is bullish while trading above the $126.00 level, key resistance is found at the $160.00 and $195.00 levels.
- If ETHUSD pair falls below the $142.00 level, sellers may test the $126.00 and $120.00 levels
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