ETHUSD: Bearish Engulfing Pattern Below $1677
Ethereum was unable to sustain its bullish momentum and after touching a high of $1677 on 02nd Mar, the price started to decline against the US dollar trading below the $1550 handle today in the European trading session.
This week we saw a bearish opening to the markets.
The price of ETHUSD is near a record low of 1 Month.
A bearish engulfing formation can be clearly seen below the $1677 level. This pattern is a sign that the market has entered a bearish phase.
ETH trading now below its pivot levels in 1537 and is moving in a moderately bearish channel. The price for ETHUSD is currently testing its classic support level 1530 and Fibonacci level 1536. Once these levels are met, the path towards 1500 will become clear.
The formation of a black hanging person can be seen in the four-hour time frame, which indicates a neutral tone to the markets.
The relative strength index stands at 40.95, which indicates a low demand for Ether as well as a shift to the consolidation phase of the markets.
CCI is indicating that the commodity channel index is oversold. This means that prices are expected to rise in the near-term.
The majority of…
