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ETHUSD Rises as the Price Bounces off the $1540.0 Support

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ETHUSD rises as the price bounces off the $1540.0 support. The overall downward trend emerged as the price made a u-turn in February 2023. Following a short period of distribution, a markdown ensued, driving the price lower into the discount zone. A lower high formed on May 6, 2023, in a bid to drag the price much lower. However, the lower high, which formed at $2020.0, was breached after a significant correction occurred due to the market’s oversold state.


The correction occurred in fractals as the bulls seized the opportunity to drive the price into the supply zone of $2029.0. Apparently, the market’s downtrend flows alongside the falling trendline. A bounce off the falling trendline in July 2023 further sponsored the continuation of the downtrend. This eventually led to a massive descent into an oversold state.

ETH Key Levels

Demand Levels: $1540.0, $1462.0, $1370.0
Supply Levels: $1929.0, $2029.0, $2143.0
ETHUSD Rises as the Price Bounces off the $1540.0 Support

What are the Indicators Saying?

According to the MA Cross, the market’s overall direction still remains bearish. However, due to the need for a significant correction to the upside, ETHUSD is likely to expand upward for a while. The need for upward correction is a result of the oversold indication by the RSI (Relative Strength Index) indicator.
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