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ETHUSD resumes an uptrend as the price taps the sell-side liquidity at 2115.00. The tapping of sell-side liquidity at $2115.00 signifies a potential area of resistance turned support, showcasing the market’s ability to absorb selling pressure. In recent market developments, ETHUSD has demonstrated a resurgence in its upward trajectory, marking a notable shift in sentiment.
On October 22, 2023, the MACD (Moving Average Convergence Divergence) initially verified the general positive trend of ETHUSD. Price scarcely corrected throughout the massive upswing until it reached the $2400.00 barrier level. At the moment, the market is moving between a swing high of $2448.00 and a swing low of $1906.00. Up until recently, when the price invalidated the previous low of $2115.00, ETHUSD was in a corrective phase. The price action indicates a liquidity grab at the $2115.00 level, suggesting a pivotal point in the ongoing trend. The resumption of the uptrend implies a prevailing bullish sentiment, as market participants show an increased willingness to buy at the discount zone.
ETH Key Levels
Demand Levels: $1875.000, $1755.000, $1530.000
Supply Levels: $2400.000, $2530.000, $2750.000
What are the Indicators Saying?
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