During the previous trading session, the price of Ethereum decreased, moving in the main trend direction on the higher time-frame.
The support and resistance levels:
The current support level is in the area of the 2788.3 mark.
This level was formed by the Bullish Engulfing pattern. The pattern consists of two candles: the first one is inside the body of the second one, which is much larger. The second candle completely engulfs the first one.
The current resistance level is at the 3062.12 mark.
The pattern formed here is Three Outside Bars Down. This pattern is a combination of three Japanese candlesticks. The first candlestick has a short white real body, the second candlestick has a long black real body and completely engulfs the first candlestick, and the third candlestick is also black, closing below the second candlestick.
Trading recommendations:
The latest signal on the chart indicates the prevalence of the long positions. This signal is valid, until the other pattern is formed.
