The Ethereum Price Plummets Toward the Next Demand Level

Ethereum has displayed a bullish structure since the escape from the consolidation experienced in November and December. The bullish displacement followed the accumulation phase. Nine consecutive days of price rises were experienced, from the support level of $1159.0 to $1673.0. After struggling with the resistance level of $1673.0. The market retraced to find support.

The demand level of $1364.0 was used to fill buying orders. The buying pressure from the dip caused the surge in price. ETH raced to the resistance level of $2130.0. The last bearish order block that led to the formation of the high of $2130.0 failed to hold. The price is expected to decline to $1673.0 for support.

ETH Key Levels
Supply Levels: $2130.0, $2200.0, $2300.0
Demand Levels: $1673.0, $1364.0, $1159.0

What Are the Indicators Saying?

The MACD (Moving Averages Convergence and Divergence) indicator showed the accumulation phase on the ETH market in late December. The histogram bars barely appeared in late December. In late January and February, the Moving Averages rested on the body of the candles crossing sideways to shoot the range created by the difficulty of a breakout above 1673.0. Upon the pullback to 1364.0, the MaCD revealed the market was oversold. This led to the market’s ascent to $2130.0. The daily candles have fallen below the Moving Averages to prepare investors for a price decline. The MACD has also signaled a selloff in the market.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Thierry Laduguie

• 

  Alexander Evagora

• 

  ActivTrades

• 

  Fat Prophets