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ETHUSD begins a consolidation phase as the price struggles at the bullish breaker block. The break in structure that occurred on August 17, 2023, led to an increase in the fear of market participants. ETHUSD kept experiencing depreciation as the bulls failed to defeat the bears. According to the MA Cross, the overall trend remains bearish. The bearish trend began after the bulls exited the market in April 2023 as the price entered an overbought state, according to the Stochastic Oscillator.
The selling pressure from the premium zone led to a complete reversal of the bullish trend. With a clear displacement to the downside, the market declined in fractals until a swing low formed in June 2023. The formation of the low in the discount zone led to a pullback to the upside until the diagonal resistance was hit. A major high formed at $2029.00 as the high of the year’s third quarter. Until a market structure shift occurs to the upside, the $2029.00 major is expected to remain valid.
ETH Key Levels
Demand Levels: $1540.00, $1462.00, $1370.00
Supply Levels: $1929.00, $2029.00, $2143.00
What are the Indicators Saying?
The market’s overall trend is currently bearish, according to the MA Cross. This implies that any upward move is likely to be a retracement into the premium zone. The Stochastic Oscillator also shows that the market is currently not oversold. This indicates the possibility of the price sinking lower into the discount zone before an upward correction occurs.
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