ETHUSD has had two corrective days after being very bullish on the daily chart. Yesterday’s daily candle came out as a bullish reversal candle which was formed right on a very significant support level. Today’s intraday price action has been bullish too. Thus, ETHUSD might end up producing a daily bullish engulfing candle today. This may attract the buyers to keep pushing the price towards the upside on ETHUSD.
Let us have a look at the Daily-ETHUSD chart.
The Daily-ETHUSD Chart
The price started having a consolidation after being rejected from the level of 120.35. The first candle was bearish but had a strong bounce. Then, the next candle which was yesterday’s candle closed within the support level, where the first candle closed. Today’s intraday price has already made a breakout of the resistance level. The daily traders, however, may wait until today’s daily candle close above the resistance level to go long on the pair.
The H4 buyers are one step ahead as usual. The H4 candle already made a breakout at the highest high. The current candle seems to have started having a pullback too. Let us have a look at the H4-ETHUSD chart.
The H4-ETHUSD Chart
A huge bullish H4 candle made an explicit breakout at the level of 320.35. The current candle’s price has been bearish. The price might come up to the breakout level. If the breakout level is held and ends up producing an H4 bullish reversal candle followed by an H1 breakout at today’s highest high, then H4 traders may go long. The next resistance may come at the level of 354.90.
The Bottom Line
There are only a few trading days left for the Monthly candle to come to an end. It seems that the Monthly ETHUSD candle may end up being another bullish candle too. The rest of the days in the current month is going to be very vital. If the monthly candle price closes at the top of the range where the price is now, then the coming months might be very bullish as well.