Ethereum Bullish Engulfing Attracts Buyers

ETH/USD has registered a false breakdown with great separation below the immediate dynamic support and now is almost to print a bullish engulfing pattern. This pattern could signal that the downside is over and that the bulls could take full control again.

ETH/USD has decreased a little in the short term as the price of Bitcoin has dropped as well. BTC/USD has rebounded, so the altcoins have increased as well.

ETH/USD Bounce Back!

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ETH/USD has retested the weekly S1 (2061.86) and now is trading back above the ascending pitchfork's lower median line (lml). Closing the current bullish candle around these levels brings is a bullish engulfing pattern.

Stabilizing above the lower median line, within the ascending pitchfork's body could bring us new long opportunities. Ethereum could increase as long as its stays within the ascending pitchfork's body.

Forecast!

The false breakdown through the lower medina line is seen as a bullish signal. Retesting the lower median line (lml) or making another false breakdown could really bring a long opportunity with a first upside target at 2,389. The inside sliding line is seen as a potential upside target as well.

The material has been provided by InstaForex Company - www.instaforex.com

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