Ethereum Bullish Momentum Strengthens

Ethereum continues its remarkable bullish rally, demonstrating impressive strength since breaking out of the bearish confluence zone at $2,739.0. This confluence was formed by the intersection of a key resistance zone at $2,739.0 and a bearish trendline that originated from May’s highs. After approaching the resistance level of $3,547.0 but failing to breach it, Ethereum retraced to $3,086.0. This level provided solid support, enabling a subsequent breakout above the critical resistance zone.

A bullish order block has now been established below the $3,547.0. This could serve as a launchpad for further upward movement. A retest of this order block is anticipated to provide the momentum necessary to sustain Ethereum’s bullish ascent.

Ethereum Key Levels

• Demand Zones: $3,086.0, $2,739.0, $2,430.0
• Supply Zones: $3,547.0, $4,013.0, $4,867.0

What Are the Indicators Suggesting?

Technical indicators further support Ethereum’s bullish outlook. The 9-period Moving Average has played a pivotal role in supporting the uptrend, coinciding with the recent pullback to $3,086.0 and the breakout above $3,547.0 after a minor retracement. The Stochastic oscillator currently shows an overbought market, indicating the potential for a short-term correction or pullback. This aligns with expectations of a retracement to the bullish order block below the $3,547.0 zone. Such a pullback would likely provide the necessary liquidity for buyers to drive prices higher, reinforcing Ethereum’s strong bullish momentum.

 

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