Ethereum's Resistance Zone Becomes Threatened

Ethereum’s price is currently approaching the resistance level of $2008.0. The Buyers have successfully used the retest of the symmetrical triangle to engineer a bullish displacement. Ethereum experienced double bearish impulsive waves that delivered the price from the high of $3487.0 to the support level of $1009.0.

The buyers emerged from a triple bottom at the support zone in July to the resistance level of 2008.0. After the formation of a head and shoulders pattern from July to September, the market narrowed to a point within a symmetrical triangle. A bullish breakout and retest are very obvious in the daily timeframe. The buyers are currently approaching the resistance level of $2008.0.

ETH Key Levels
Demand Levels: $1384.0, $1173.0, $1009.0
Supply Levels: $2008.0, $3487.0, $3500.0

What Are the Indicators Saying?

In May, the Moving Averages (periods nine and twenty-one) crossed just below the resistance line of $3487.0. A crash to the support level of $1009.0 followed. The Stochastic was overbought upon the pullback to the resistance level of 2008.0. Lower highs followed to anchor a bearish trendline. Each test of the bearish trendline appeared to be overbought on the Stochastic. After a break and retest of the symmetrical triangle, the daily candles have risen above the Moving Averages (periods nine and twenty-one) to reveal bullishness in the market.

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