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ETHUSD: Shooting Star Pattern Below $2029

Ethereum was unable to sustain its bullish momentum and after touching a high of 2029 on 14th Aug started to decline against the US dollar coming down below the $1900 handle in the European trading session today.

We can see a continuous fall in the price of Ethereum due to the heavy selling pressure amid rising global inflation levels.

We can clearly see a shooting star pattern below the $2029 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just above its pivot levels of 1842 and moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1827 and Fibonacci support level of 1838 after which the path towards 1700 will get cleared…More  info:  blog  FXOpen 


Image and article originally from www.mql5.com. Read the original article here.