The market’s overall trend is up. The uptrend began after the price reversed at the $1071.0 support. Following the reversal, a major trendline emerged as the price began to respect the major trendline along the upward direction. More bulls invaded the market as the year 2023 began. This was because prices expanded rapidly immediately after the year 2023 began. Until the previous resistance of $1613.70 was hit, the market was in a bullish phase.
However, following the false breakout at the previous resistance of $1613.70, a correction wave ensued. This brought the price of ETHUSD into the $1369.0 demand zone. Together with the buying pressure from the major trendline, the price expanded rapidly again to the upside. As of now, the market is making a downward correction.
ETH Key Levels
Demand Levels: $1613.70, $1369.80, $1071.00
Supply Levels: $2142.90, $2445.00, $2716.40
What Are the Indicators Saying?
Before the $2142.90 resistance was hit, the Moving Average indicated that ETHUSD was bullish. As of now, the Moving Average is heading downward along with the price. This reveals that the market’s current direction bias is downward. Similarly, the MACD (Moving Average Convergence Divergence) has crossed the zero line to the downside. This shows that ETHUSD is now bearish as it heads into the discount zone.
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