ETHUSD Reluctantly Heads Downward as Buyers Remain Optimistic

ETHUSD buyers remain optimistic as the market reluctantly heads downward. Apparently, the selling momentum decreases as the price sinks into the discount zone. Prior to the downtrend’s emergence, the market’s overall trend was bullish. From the bounce off the $1370.00 support, ETHUSD rallied exuberantly until the price hit the $2143.00 resistance. This happened after breakouts from several resistance levels; ETHUSD finally hit the $2143.00 resistance and headed downward.

During the decline from the bounce, a lower high formed at $2020.00. The downtrend continued again until a significant low formed at $1614.00 support. From the formation of the $1614.00 low, ETHUSD expanded upward to sweep the buy-side liquidity above the $2020.00 high. However, owing to the reluctance of the price to remain bearish, ETHUSD might flip bullish once the discount zone is reached.

ETH Key Levels

Demand Levels: $1370.00, $1180.00, $1071.00
Supply Levels: $1614.00, $1928 50, $2143.00

 What Are the Indicators Saying?

According to the MA Cross and the MACD (Moving Average Convergence Divergence), the market is heading into the discount zone. The MA Cross recently made a bearish cross as it approached equilibrium. Similarly, the MACD crossed the zero line to the downside, indicating the bears’ presence in the market.

 

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