ETHUSD Resumes Its Bullish Move as a Bullish Engulfing Candlestick Emerges

In a bid to resume the market’s overall trend, which is bullish, ETHUSD has created a bullish engulfing candlestick. This came after a period of consolidation on the daily chart. Apparently, the bulls have resumed entering the market, and a continuous expansion from here won’t be surprising.

The market’s overall trend is bullish, and the bears seem not to be ready to take control of the market anytime soon. Despite the longevity of the bullish trend, more expansion to the upside is still imminent. Considering the trading range of ETHUSD, the bullish move was coming from the 62.0% retracement level. This reduces the chances of a decline back into the discount zone.

ETH Key Levels

Demand Levels: $1614.0, $1370.0, $1071.0
Supply Levels: $1977.0, $2143.0, $2445.0

Insights from Technical Indicators:

The recent cross to the upside by the MACD (Moving Average Convergence Divergence) suggested a possible rally. The rally began as the MACD crossed the zero line. Towards the end of the consolidation, the MA Cross gave a buy signal as the MA Period 18 crossed the MA Period 40 to the upside. Both indicators currently suggest that the market is strongly bullish. This bullish trend is likely to continue until the year’s high of $2143.00 is invalidated.

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