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Ethereum experiences a downturn within a parallel channel, indicating a shift towards bearish sentiment. This decline commenced after encountering resistance at 4095.0, marking a reversal in price dynamics. The formation of a bearish parallel channel since early March suggests a consistent downward trend. The channel’s boundaries have served as formidable barriers, inducing reversals on both ends.
Before the establishment of this channel, Ethereum displayed a notable bullish momentum, reflected in the formation of a bullish flag on the daily timeframe. Presently, the price is ascending towards the resistance border of the parallel channel. Additionally, there is a convergence to fill a fair value gap, ensuring market efficiency as the price approaches the resistance border.
Key Levels for ETH:
- Demand Levels: $2907.0, $2170.0, $2717.0
- Resistance Levels: $3727.0, $4075.0, $4700.0
Analyzing Indicators:
A crossover above the Williams indicator in early February signaled the onset of the bullish trend. Concurrently, the Williams Percent Range shifted into the Oversold region, indicating readiness for a price surge. The price responded accordingly, rallying in line with these signals.
However, upon reaching the resistance level of $4095.0, the Williams Percent Range indicated overbought conditions. Subsequently, a month-long period of consistent price action ensued. Following this signal, the daily candles dipped below the Williams Alligator, signalling a reversal.
Currently, the Williams Percent Range suggests an upward trajectory in the price, with expectations of a rise towards the resistance border of the parallel channel, estimated at around $3400.0.
