ETHUSD Sets To Expand Upward as Price Accumulates at Discount

Since November 2022, ETHUSD has been in an uptrend. The uptrend set in as the price reacted to the demand zone at $1071.10. The price began to expand upward along with a rising trendline. After six months below the previous resistance at $1369.80, the bulls stormed the market and drove the price further upward.

ETHUSD continued upward until a weak resistance around the $1700.00 price level was invalidated. The invalidation was sponsored by an inducement below the old low of $1462.00. After the inducement, the bulls returned to the market as prices surged upward. Another inducement is about to occur below the weak $1816.00 support. This might lead to another massive expansion to the upside.

ETH Key Levels

Demand Levels: $1369.80, $1071.10, $879.00
Supply Levels: $2125.00, $2716.40, $3581.60

 What Are the Indicators Saying?

The Simple Moving Average (SMA) Period 50 is currently acting as a dynamic support. After a breach of the dynamic support by the price, an expansion to the upside is likely. The Stochastic Oscillator also signals that the market is already oversold. ETHUSD is expected to experience a massive surge to the upside any moment from now.

 

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