Ethereum Creeps Back to Bullish Order Block
By
Azeez Mustapha
PUBLISHED:
01 Jul 2024 @ 23:44
|
Comments (0)
|
More info about Azeez Mustapha
After surpassing the resistance level of $3692.0, Ethereum’s price has gradually declined. Currently, it is approaching a bullish order block at $3049.0, a critical level that could potentially revive its bullish trend.
©
Ethereum has struggled to regain its bullish momentum after an impulsive price expansion on May 20th. This surge led to a sudden price increase of over 20% in a single day, breaking out of a downward parallel channel that had persisted for over two months.
Ethereum Key Levels
- Demand Levels: $3145.0, $2717.0, $2170.0
- Supply Levels: $3727.0, $4100.0, $4868.0
What Are the Indicators Saying?
At the peak of the impulsive bullish expansion on May 20th, the Relative Strength Index (RSI) indicated buyer exhaustion. This was further confirmed by the dominance of the Smoothed Heikin Ashi Candles on the daily chart, which signaled a potential reversal. The current price decline towards the bullish order block at $3049.0 suggests that Ethereum may find support at this level, providing an opportunity for renewed bullish momentum.
The RSI’s signal of buyer exhaustion, coupled with the Smoothed Heikin Ashi Candles’ bearish dominance, indicates that the recent price decline could be a healthy correction rather than a trend reversal. As Ethereum approaches the bullish order block, traders should watch for signs of support and a potential rebound, which could signal the resumption of the upward trend.
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.