ETHUSD Bulls Resume Buying as MACD Crosses the Zero Line

The ETHUSD bulls have demonstrated consistent buying pressure, propelling the price higher as they actively participate in the market. This bullish trend began as the downtrend in 2022 reached its conclusion in November. The initial upward movement, known as the first impulse swing, stands out as the longest phase, spanning from the demand zone at $1071.0 to the supply zone at $1614.0. During this upward expansion in the first impulse swing, the price experienced a significant rally at the beginning of 2023.

However, after the rally, the price failed to sustain its upward trajectory until an inducement took place at the previous low of $1462.0. Presently, it appears that the market is entering its final wave, signaling a potential conclusion in the near future.

Key Levels for ETH:

• Demand Levels: $1614.0, $1370.0, $1071.0
• Supply Levels: $2143.0, $2445.0, $2691.0

Indicators Analysis

The Moving Average indicator provides valuable information regarding the overall market direction. Prior to reaching the six-month high at $2143.0, the moving average exhibited minimal movement relative to the candlesticks. Similarly, until the completion of the third wave, the MACD (Moving Average Convergence Divergence) showed limited downward crossings of the zero line. However, the MACD has now crossed the zero line in an upward direction, suggesting that ETHUSD has resumed its upward trend. This indicator further reinforces the notion of bullish market sentiment.

In conclusion, the ETHUSD bulls have regained momentum as reflected by the MACD crossing above the zero line. This development, combined with other factors such as the length of the first impulse swing and the market’s current wave, indicates a potential continuation of the upward trend. Traders and investors should consider these indicators and key levels when making informed decisions about their ETHUSD positions.

 

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 Ltd. ADVFN Ltd 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.

• 

  Kiana Danial

• 

  getbux

• 

  Angelina Jennifer

• 

  Anthony Wintle