EthereumUsd produced a spinning top daily candle yesterday. However, the candle may be called as a doji candle since it barely has a body. The fact remains, the candle closed within the support level which has been the talk of the town. Today’s price action has been very bullish so far. The price may make a move to go towards the level of resistance where the price had a rejection earlier. Today’s bullish move may be the first step to make a breakout at that level. The daily EthereumUsd chart may explain it better.
The Daily Chart
The chart shows that yesterday’s daily candle has a very thin bearish body. The level of 234.15 has been held. In fact, today the price has been going towards the North with a good pace. Since the support level was not breached yesterday, thus sellers of EthereumUsd, based on the daily chart have no option but to wait. On the other hand, daily buyers will have to wait for the price to go all the way to the resistance level and make a daily breakout too. This is what makes then wait as well. However, H4- EtheriumUsd buyers may get into action soon. Let us have a look at the chart and find out what that is.
The H4 Chart
The level of 234.15 is the level of support on the daily chart. The H4 chart also shows that it is the level of support of a double bottom. A bullish pinbar followed by a good-looking bullish candle set a strong bullish tone. The neck line has already been challenged. If the level is breached and the breakout is held, then H4 buyers are going to go long on the pair and we might see the price to go towards the level of 287.90 soon. I assume H4-EtheriumUsd buyers might have a very busy day today.