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.
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