ETHUSD Remains In A Retracement Phase

ETHUSD is currently going through a retracement phase, with the price facing resistance at $1928.50. Despite this retracement, the overall trend for ETHUSD remains bullish, as it continues to trade within the price range of $1370.00 to $2143.00.

After reaching a high of $1370.00, ETHUSD experienced a short-term retracement but has been generally bullish for over three months. Although the price has made several unsuccessful attempts to break the $1928.50 resistance, it is anticipated to resume its uptrend once the discount zone is reached.

ETH Key Levels

Demand Levels: $1614.00, $1370.00, $1180.00
Supply Levels: $1928.50, $2143.00, $2458.00

When examining the indicators, the MA (Moving Average) Cross has shown no particular directional bias since May 2023. It has consistently remained below the $1928.50 resistance, reflecting the price’s struggle to break upward.

Additionally, the Relative Strength Index (RSI) currently hovers around the neutral level of 50.0, indicating a balanced market sentiment as the price fluctuates near the $1928.50 price level. A potential dip into the discount zone could lead to an oversold condition, potentially triggering an upward movement for ETHUSD.

 

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