Ethereum Completes 38.2% Retracement - Bullish Harmonic Rolling - Forex News by FX Leaders

Ethereum Completes 38.2% Retracement – Bullish Harmonic Rolling

Posted Thursday, January 18, 2018 by
Arslan Butt • 1 min read

What’s up, Crypto traders!

The cryptocurrencies have sunk dramatically, with Bitcoin falling more than 50% from its all-time high, as well as Ethereum. Whether you are a leveraged or equity trader, it looks this may be a great opportunity for a buy.

ETH/USD – Bullish Harmonic Pattern

On the 4 – hour chart below, we can see that Ethereum has begun its exit from the oversold zone. The RSI has crossed above the 50, a mid-level defining the trend of the pair. Because the prices are still below 50 – periods EMA, it is not a bullish reversal, but rather a retracement.

ETH/USD - 240 - Mins Chart

ETH/USD – 240 – Mins Chart

As you can see, the Fibonacci indicator is supporting the Crypto pair at $915.The pair is likely to face resistance at $1,073 (50% Fibo level) and $1,145 (61.8% Fibo level).

Support     Resistance 
890             1047
732             1144
636             1204
Key Trading Level:    950

ETH/USD – Trade Idea

Investors are advised to remain bullish only above $930, with a target of $1,044 and $1,074. The break above these levels may give us further room for buying until $1,145 is reached. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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