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Technical analysis

Ethereum Price Bullish Above $96.00

OctaFx | Dec. 19, 2018
Ethereum Price Bullish Above $96.00

December 19, OctaFX – Ethereum is trading sharply higher on Wednesday, with the third largest cryptocurrency by market capitalization now trading above the psychological $100.00 level.

ETHUSD Technical Analysis

The ETHUSD pair has an intraday bullish bias while trading above the $96.00 level, which is neckline of a bullish inverted head and shoulders pattern. If the recent short-term recovery extends towards the $125.00 level, the ETHUSD pair could form a larger inverse head and shoulders pattern.

  • The ETHUSD pair is bullish while trading above the $96.00 level, buyers are likely to test towards the $118.00 and $126.00 levels.
  • If ETHUSD pair falls below the $100.00 level, sellers may test the 96.00 and $88.10 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.