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ETHUSD Continues Downward After the Creation of the Intermittent-Term High

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The long-term high was created after the price swerved downward at the $2142.900 resistance. Following the creation of the long-term high, an intermittent-term high was created at the 62.0% Fibonacci retracement level. The long-term high at $2142.900 and the $1785.500 price level were bounding the previous trading range. However, the market is currently in a consolidation phase as it struggles to break out of this previous trading range.

ETHUSD is likely to keep heading downward as the buyers fail to take control of the market. But notwithstanding, the bearish move is likely to end before hitting the $1369.800 support. This is because the overall trend of the market is still bullish. Moreover, huge selling momentum is needed to change the market’s environment to a completely bearish trend.
TradingView Chart

ETH Key Levels
Demand Levels: $1613.700, $1369.800, $1071.000
Supply Levels: $2142.900, $2445.000, $2716.400

What Are the Indicators Saying?
Since November 2022, the market has been rising. Since the beginning of 2023, prices have only just managed to stay below the zero line, according to the MACD (Moving Average Convergence Divergence). However, the MACD indicator has just shown that the price is moving lower after crossing below the zero line. The Moving Average Period 18 has crossed the Moving Average Period 40 downward in a similar fashion. This suggests that the bears are currently in charge of the market, although this may only be the case temporarily.

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V: D: 20231002 18:35:04