ETHUSD Enters Bullish Order Block Amid Reversal Signals to the Upside

ETHUSD enters the bullish order block amid reversal signals to the upside. Following a distribution phase seen in the supply zone of $2143.00, a reversal in the trend appeared on April 19, 2023. When this reversal first appeared, the price declined rapidly. This revealed the sudden presence of the bears. The decline continued afterward, though in fractals, until all weak lows, including the $1785.50 and $1737.80 lows, were invalidated.

 

The decline resumed on July 14, 2023, following a substantial pullback to the $2029.00 resistance. The ensuing downtrend dragged the market downward for weeks until the recent one-month low formed at $1530.60. During the reversal that emanated after the formation of the $1530.60 low, a bullish order block formed below the $1620.0 price level. A return to the bullish order block might instigate a rapid expansion out of the discount zone.

ETH Key Levels

Demand Levels: $1620.00, $1462.00, $1370.00
Supply Levels: $1929.00, $2029.00, $2143.00

What are the Indicators Saying?

Following the sweep of sell-side liquidity below the old low of $1540.00, ETHUSD became bullish as the Moving Averages shrank. The market is getting close to being oversold, according to the Stochastic Oscillator. An aggressive expansion to the upside is feasible from the bullish order block when combined with the buying pressure from the oversold area.

 

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