ETHUSD Breaks Free: Price Surges as Ethereum Defies Downward Trend

ETHUSD has finally broken out of its downward channel, experiencing a significant surge in price. Over the past six months, the Relative Strength Index (RSI) did not drop below the 30.0 level until June 15, 2023. Even during a previous aggressive downward movement on March 10, 2023, the RSI only briefly touched the 30.0 level. This suggests that the market has been predominantly bullish.

 

At the beginning of the year, there was a substantial upward expansion as bullish momentum took over the market. This expansion continued until the price encountered resistance at $1614.00.

Although ETHUSD attempted to maintain its upward momentum, it eventually succumbed to selling pressure, causing the price to fall below the previous low of $1462.00. However, the bullish trend persisted and led to a climb towards the $2143.00 supply zone. The resistance faced at this level initiated a decline that was contained within the downward channel, which has now been broken.

ETH Key Levels
Demand Levels: $1614.00, $1370.00, $1180.00
Supply Levels: $2143.00, $2445.00, $2691.00

Indicators Analysis

In terms of indicators, the RSI suggests that the market is currently on an upward trajectory. The recent indication of potentially oversold conditions on June 15, 2023, has been followed by a breakout from the downward channel, supporting the likelihood of further upward expansion. Additionally, the Moving Average (MA) Cross indicator has shifted to the right side of the candlesticks, further reinforcing the bullish sentiment.

 

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