ETHUSD Bulls Resume Buying as MACD Crosses the Zero Line

The ETHUSD bulls have demonstrated consistent buying pressure, propelling the price higher as they actively participate in the market. This bullish trend began as the downtrend in 2022 reached its conclusion in November. The initial upward movement, known as the first impulse swing, stands out as the longest phase, spanning from the demand zone at $1071.0 to the supply zone at $1614.0. During this upward expansion in the first impulse swing, the price experienced a significant rally at the beginning of 2023.

However, after the rally, the price failed to sustain its upward trajectory until an inducement took place at the previous low of $1462.0. Presently, it appears that the market is entering its final wave, signaling a potential conclusion in the near future.

Key Levels for ETH:

• Demand Levels: $1614.0, $1370.0, $1071.0
• Supply Levels: $2143.0, $2445.0, $2691.0

Indicators Analysis

The Moving Average indicator provides valuable information regarding the overall market direction. Prior to reaching the six-month high at $2143.0, the moving average exhibited minimal movement relative to the candlesticks. Similarly, until the completion of the third wave, the MACD (Moving Average Convergence Divergence) showed limited downward crossings of the zero line. However, the MACD has now crossed the zero line in an upward direction, suggesting that ETHUSD has resumed its upward trend. This indicator further reinforces the notion of bullish market sentiment.

In conclusion, the ETHUSD bulls have regained momentum as reflected by the MACD crossing above the zero line. This development, combined with other factors such as the length of the first impulse swing and the market’s current wave, indicates a potential continuation of the upward trend. Traders and investors should consider these indicators and key levels when making informed decisions about their ETHUSD positions.

 

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