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ETHUSD Begins a Bearish Retracement as the Market Becomes Overbought

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ETHUSD has begun a retracement to the downside as the market becomes overbought. This came after a rapid increase in the price of Ethereum over the past few weeks. After a bounce off the $2137.00 resistance, the bears stormed the market, causing a clear pullback.

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Prior to the current uptrend, the previous uptrend occurred about four months ago. The previous uptrend ended after difficulty in breaching the previous resistance at $1866.00. ETHUSD crashed massively into the discount zone from the $1866.00 previous supply zone. Apparently, the influence of the bulls remained in the market as prices struggled to sink lower after attaining the $1520 major low. As the market currently undergoes a bearish retracement, the uptrend is likely to resume at the bullish order block in the $1866.00 demand zone.

ETH Key Levels

Demand Levels: $1866.00, $1746.00, $1520.00
Supply Levels: $2137.00, $2300.00, $2954.00

ETHUSD Begins a Bearish Retracement as the Market Becomes Overbought

What are the Indicators Saying?

The current market’s uptrend started after the accumulation phase ended in late October 2023. The MA Cross began an upward expansion as a change of character occurred afterward. The presence of bulls has since been driving prices upward until the Stochastic Oscillator indicated that the market is overbought. Following a significant correction to the demand zone, ETHUSD is likely to resume its uptrend.

 

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