FX.co ★ Ethereum: major bullish engulfing signals end of drop

Ethereum is trading in the green at 4,046.40 below 4,117.40 today's high. The price action signaled that the downside is limited and that the buyers could take it higher. ETH/USD has registered a 13.10% growth from 3,640.60 yesterday's low to 4,117.40 today's high.

Bitcoin has managed to rebound, that's why ETH/USD has rallied. BTC/USD stands below strong resistance levels, so only a valid breakout could announce an upside continuation. Technically, it remains to see how Ethereum will react as the buyers seem exhausted. In the last 24 hours, ETH/USD is down by 0.75%, and by 1.92% in the last 7 days.

ETH/USD Back In The Positive Territory!

ETH/USD dropped a little after failing to reach the 4,152.88 weekly pivot point. 4,025.00 - 3,958.67 represented a strong support area in the past. Staying above it may announce that the crypto could still resume its growth.

Technically, today's bearish engulfing signaled exhausted bulls. Dropping and closing below the 3,958.67 could open the door for a deeper drop towards the 3,816.83 weekly S1.

ETH/USD Prediction!

Ethereum could extend its growth only if it jumps and stabilizes above the weekly pivot point (4,152.88). A minor consolidation above 3,858.67 followed by a valid breakout above the pivot point could bring long opportunities.