ETHUSD Maintains Its Bullish Trend along the Major Trendline

ETHUSD keeps maintaining its bullish trend respecting the major trendline. The major trendline emerged after a correction phase ended in November 2023.

 

Several breaks in the market’s structure have occurred since the emergence of the major trendline. This further confirmed the market’s bullishness as more bulls kept storming the market. From the $2719.00 supply zone, ETHUSD faced a notable crash, which brought the price back into the discount zone of the current trading range. At $2168.00, a double bottom formed as the price experienced a surge to the upside. Clearly, the bounce off the major trendline propelled the price’s surge into the premium zone.

ETH Key Levels

Demand Levels: $2100.00, $1906.00, $1521.00
Supply Levels: $2502.00, $2719.00, $3039.00

What are the Indicators Saying?

While the overall trend of the market was bullish prior to the emergence of the major trendline, ETHUSD was overbought according to the indication of the RSI (Relative Strength Index). The overbought signal by the RSI was revealed after a rapid surge from the discount zone in October 2023. According to the Simple Moving Average, the direction of the market after the bounce off the major trendline is now bullish.

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