Register for real-time alerts, custom portfolio, and market movers
A significant pullback occurs as ETHUSD becomes overbought. ETHUSD had a significant upswing following its test of $1530.00 support, which caused a paradigm shift in the market’s dynamics in a positive direction. The current market trend was established as a result of this rise. Driven by purchasing pressure from the $1530.00 demand zone, a swing high and swing low appeared at $2140.00 and $1910.00, respectively. The price’s response to a bullish order block led to the establishment of the $1910.00 low.
In an attempt by the market to break out from the resistance at $1875.00, the bullish order block was established. The market stabilized as 2023 drew to a close, leading to a sell-side liquidity grab. As 2024 rolled around, there was a noticeable return to bullishness in the market. Currently, the market is seeing a significant retracement following the formation of a high at $2718.00.
ETH Major Levels
Demand Levels: $1875.000, $1755.000, $1530.000
Supply Levels: $2530.000, $2750.000, $3000.00
Indicators Analysis
The Stochastic Oscillator showed that the market was overbought before the current pullback. Nonetheless, the MA Cross indicates that the overall trend of the market is still positive. The bullish trend is therefore likely to resume once the oversold state is reached, according to the Stochastic Oscillator.
Learn from market wizards: Books to take your trading to the next level
