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The market pushed above 1944.0, and the resistance trend-line was short-lived. The daily candles have fallen below the Moving Averages after the Williams Percent Range signified the market was overbought. The Williams Percent Range is currently oversold; hence, a pullback may provide more shorting opportunities towards 1673.0 as the market structure is currently bearish.
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Ethereum’s price action transformed from a consolidation phase, which abounded in November and December, to a trending phase in January. The uptrend was very strong. Green candles lined up from the 8th to the 16th of January. The unhindered consecutive daily rise in price delivered the price to the next resistance level of 1673.0. A correction phase followed immediately.
The market ascent paused temporarily due to the difficulty experienced in rising above 1673.0. Hence, a pullback was engineered to gain bullish support. After a pin-bar (reversal candle) tested the support trendline, three white soldiers broke the resistance level of 1673.0. The market pushed above 1944.0, and the bullish breakout was shortlived. The price has fallen below the resistance trendline and key level. A retest is currently driving the market towards 1673.0.
Ethereum Key Levels
Demand Levels: 1796.0, 1364.0, 1159.0
Supply Levels: 1944.0 2130.0 2301.0
Ethereum Key Levels
Demand Levels: 1796.0, 1364.0, 1159.0
Supply Levels: 1944.0 2130.0 2301.0
What Are the Indicators Saying?
In November and December, the Moving Averages rested on the bodies of the daily candles crossing sideways to indicate that the market was in a consolidation phase. The consolidation phase gave way to a trending phase at the beginning of the year. The Moving Averages (periods nine and twenty-one) rested beneath the daily candles on the daily timeframe as the price soared to show an uptrend. The inability of the bullish momentum to break the resistance level of 1673.0 in January and February caused the daily candles to fall below the Moving Averages (periods nine and twenty-one) for a retest of the supporting trendline. The test of the bullish trendline was observed to occur when the Williams Percent Range signified the market was oversold. This aided the rapid takeoff that led to the breakout above 1673.0.
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