ETHUSD Experiences Reduced Momentum Toward the $2008.0 Supply Level

ETHUSD initiated the last bearish trend in August. The downtrend featured two major pullbacks, which were in September and November. The market was in an accumulation phase between November and December. The bullish ascent was confirmed with the break of the bearish trendline in January.

The trend-line changed the function to provide support upon its test. Since the Break of Structure (BOS) above the relatively equal highs, the small-sized candles have revealed a reduction in momentum to reach $2008.0.

Ethereum Key Levels
Resistance Levels: 2008.0, 2161.0, 2300.0
Support Levels: 1384.0, 1173.0, 1009.0

What Are the Indicators Saying?
In August 2022, the bearish trend was initiated when the Stochastic Oscillator was oversold. The price plunged to the next support level of $1384.0. The Stochastic Oscillator also swerved into the oversold region at the swing highs of the pullbacks in September and November. Mid-September into October was silent and stiff for ETH. The press of the Bollinger Bands on both sides of the daily candles revealed the accumulation phase on Ethereum. The market took off from the oversold region on the Stochastic Oscillator in December to violate the descending trendline. The Stochastic is already overbought, so Buyers are experiencing difficulty reaching the $2008.0 supply level.

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