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ETHUSD is set for a major correction as the market becomes overbought. Following an SSL (Sell-Side Liquidity) grab at $1540.00, ETHUSD experienced a massive surge. The surge led to a change in the market’s trend to the upside. Thereby, it gives rise to the current overall trend of the market. The surge was initiated by the buying pressure from the $1530.00 demand zone. The price formed a swing high at $2140.00 and a swing low at $1910.00. After the formation of the $1910.00 swing low, ETHUSD expanded.
With an increase in momentum, the market remained bullish until the price of Ethereum hit $2400.00. After the $2400.00 high formed, the bullish experienced a pause. The price fluctuated between the $2400.00 high and the $2120.00 low for about a month. As the year 2024 began, the bulls seemed to return to the market. ETHUSD has now resumed its uptrend as the price surged upward, making a new high at $2690.00.
ETH Key Levels
Demand Levels: $1880.000, $1760.000, $1530.000
Supply Levels: $2400.000, $2530.000, $2750.000
What are the Indicators Saying?
According to the MA Cross, ETHUSD is clearly bullish. However, a notable retracement is highly probable, as the Stochastic Oscillator indicates that the market is overbought.
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