Ethereum's Bullish Order Block Fails to Hold

Ethereum has been favorable for the Bulls since the inception of this year. The price experienced a surge from the $1159.0 demand level in December. The magnitude of the ascent was so great that the bearish trendline couldn’t resist the rally. Green candles lined up consecutively toward the resistance level in early January.

A pullback to the confluence region of the demand level and the bearish trendline was observed in March. The test of the confluence zone provided buyers with the opportunity to go long in the market. The buying pressure was sufficient to break the resistance level of $1673.0, where the market was held in February. The bullish order block on the daily chart has failed to hold. The market price is likely to decline to 1673.0.

ETH Key Levels
Demand Levels: $1673.0, $1364.0, $1159.0
Supply Levels: $2130.0, $2723.0, $3512.0

What Are the Indicators Saying?
The Bollinger Bands provided support for the price of ETH during mid-December. The Stochastic Oscillator escaped from the oversold region immediately. The daily candles rested above the Moving Average (period 20) present between the bands to aim to show the uptrend.

The pullback in March drove the market to the oversold region, where the Bears were exhausted. The bounce of the daily candles on the supporting band of the Bollinger in March skyrocketed the price to the moon.
The stochastic rested in the overbought region until the supply level of $2130.0 triggered the selloff. The daily candles have fallen below the Moving Average (period 20) to aim for the $1673.0 support level.

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