ETHUSD: Bearish Engulfing Pattern Below $1349
After reaching a peak of 1349 on the 10th November, Ethereum prices began to fall against the US dollar. They reached a low point of 1171 on the 14th November.
We can expect a correction to the Ethereum levels above $1200 after this drop.
This week, we have witnessed a bearish market opening.
Below the $1349 handle, we can see a clearly visible bearish engulfing signal. This is a pattern that signals the end of a bullish period and the beginning of a bearish one in the markets.
ETH is trading below its pivot levels at 1204 and has moved into a moderately bearish channel. The price for ETHUSD is currently testing its traditional support level at 1188 and Fibonacci resistance levels of 1198. If they are successful, the path towards 1100 can be cleared.
The relative strength index stands at 40, indicating that there is a weak demand for Ether as well as the continuation of selling pressure on the markets.
The price range is close to the horizontal resistance for the weekly time frame. This indicates a bearish trend.
The Williams percent range and STOCHRSI both indicate oversold levels.
All technical indicators indicate a strong sell market signal.
Most of the…