ETHUSD Breaks Major Resistance as More Bulls Storm the Market

ETHUSD keeps breaking through major resistance levels as more bulls storm the market. The price had initially experienced a massive decline following the formation of the swing high at $2140.00. The swing high formed in May 2023, after which the price of Ethereum massively crashed into the discount zone.

ETHUSD declined algorithmically in fractals until the $1650.00 psychological level was reached. A massive inflow of buy orders entered the market afterward, causing a significant pullback in the premium.

However, the bearish trend resumed as the diagonal resistance was hit in July 2023. The buying pressure from the $1530.00 demand zone contributed to the drastic upward expansion of price, which led to the market structure shifting in October 2023. The recent breach of the diagonal resistance indicates the persistence of the bulls to keep the market bullish.

ETH Key Levels

Demand Levels: $1755.00, $1530.00, $1370.00
Supply Levels: $1875.00, $2030.00, $2140.00

What are the Indicators Saying?

The surge from the $1530.00 demand zone led to the MA Cross bullish signal, which in turn led to a market structure shift. As more bulls stormed the market, the bullish momentum intensified until the recent breach of the diagonal resistance. According to the RSI (Relative Strength Index), a reversal is imminent. However, the market’s overall trend is still bullish, and the reversal is likely to occur for a short time.

 

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