- Ethereum is bullish in the short-term, with the ETH / USD pair advancing to its highest trading level since November 2018
- Ethereum has turned bullish over the medium-term, with price now trading above the ETH / USD pair’s 200-day moving average
- The daily time frame shows a bullish triangle breakout underway
Ethereum has a bullish short-term trading bias, with the cryptocurrency advancing to a fresh 2019 trading high and touching levels not seen since November 19th, 2018.
The four-hour time frame shows that price is testing the neckline of a large inverted head and shoulders pattern with the bullish pattern holding an upside projection of around $65.00.
Technical indicators on the four-hour time frame have turned bullish and are signaling further gains ahead for the ETH / USD pair.
Traders should note that near-term technical support below the neckline of the inverted head and shoulder pattern is located at the $149.00 level.
Relative Strength Index
The RSI indicator on the four-hour time frame is also bullish, although it is correcting from extremely overbought conditions.
The MACD indicator on the four-hour time frame has turned bullish and is currently generating a buy signal.
Ethereum / USD Medium-term price analysis
Ethereum has a bullish medium-term trading bias, with the ETH / USD pair trading above its 200-day moving average for the first time since May 2018.
A bullish breakout from a triangle pattern on the daily time frame is currently underway, with the pattern holding an upside projection of around $100.00.
The daily time frame is showing that key technical support for the ETH / USD pair is currently located at the $155.00 and $149.00 levels.
Traders should note that a large inverted head and shoulders pattern will take shape if the bullish triangle pattern on the daily time frame reaches its full upside projection.
Relative Strength Index
The RSI Indicator on the daily time frame is bullish, although it has reached overbought conditions.
The MACD indicator on the daily time frame is bullish, with the indicator generating a strong buy signal.
Ethereum has now turned bullish over both time horizons, with the recent advance above the ETH / USD 200-day moving average potentially signaling a trend change for the second largest cryptocurrency.
The bullish breakout above the triangle pattern on the daily time frame and the inverted head and shoulders pattern on the four-hour time frame suggest an upside move towards $225.00 levels to be the most likely scenario.
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Ethereum has turned bullish over the medium-term, with […]