ETHUSD Breaks Major Resistance as More Bulls Storm the Market

ETHUSD keeps breaking through major resistance levels as more bulls storm the market. The price had initially experienced a massive decline following the formation of the swing high at $2140.00. The swing high formed in May 2023, after which the price of Ethereum massively crashed into the discount zone.

ETHUSD declined algorithmically in fractals until the $1650.00 psychological level was reached. A massive inflow of buy orders entered the market afterward, causing a significant pullback in the premium.

However, the bearish trend resumed as the diagonal resistance was hit in July 2023. The buying pressure from the $1530.00 demand zone contributed to the drastic upward expansion of price, which led to the market structure shifting in October 2023. The recent breach of the diagonal resistance indicates the persistence of the bulls to keep the market bullish.

ETH Key Levels

Demand Levels: $1755.00, $1530.00, $1370.00
Supply Levels: $1875.00, $2030.00, $2140.00

What are the Indicators Saying?

The surge from the $1530.00 demand zone led to the MA Cross bullish signal, which in turn led to a market structure shift. As more bulls stormed the market, the bullish momentum intensified until the recent breach of the diagonal resistance. According to the RSI (Relative Strength Index), a reversal is imminent. However, the market’s overall trend is still bullish, and the reversal is likely to occur for a short time.

 

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.

• 

  Anthony Wintle

• 

  Tip TV

• 

  Dan Atkinson

• 

  The OMG Team