Ethereum (ETH) is experiencing a bullish momentum in its short-term trading preferences as the cryptocurrency has started to improve.
Moving beyond its 200-period moving average on the four hours’ time frame which depicts that the buyers quashing bearish head and shoulders pattern.
The current improvement is generating a bullish inverted head and shoulders pattern. Currently, Technical indicators depict miscellaneous signals and failed in generating a vibrant trading signal.
The dealers must focus on the fact that the upside target of the bullish inverted head and shoulders pattern on the four-hour time frame might take the ETH/USD duo to the two hundred and twenty dollars ($220.00) mark.
The RSI and MACD indicators have turned bullish on the 4hrs time frame but have been unsuccessful in generating a clear trading sign.
The daily time frame is depicting a bullish outlook ahead of the neckline of the inverted head and shoulders pattern with the level one hundred and sixty-five dollars ($165.00) acting as a decisive pivot point.
Currently, the technical indicators are bullish and show the probability of more hike. Dealers must focus on the fact that if the inverted head and shoulders pattern extents its upside plan then a greater bullish pattern will form on the daily time frame.
The RSI and MACD Indicators are currently neutral and do not portray a signal. The topical refutation of bears on the four-hour time frame bids a robust sign that the ETH/USD duo might attack the two hundred dollars ($200.00) opposition level.
On the other hand bulls on the daily time frame recommend ETH/USD targeting the two hundred and sixty-five dollars ($265.00) resistance mark.