ETHUSD Makes a Short-Term Retracement as Price Bounces off 1614.00 Support

The market’s uptrend has begun since $1370.00 was hit. A bullish marubuzu candlestick was followed by a doji candlestick, thereby giving a strong bullish signal. ETHUSD rose appreciably from the $1370.00 level, and the market’s environment changed to a bullish one. A second bounce off the 1977.00 has caused a reversion to the downside.

However, the market’s main trend is an uptrend, so the decline is likely to end soon. Given the ETHUSD trading range, which is between the 1370.00 and 2143.00 price levels, the bullish movement originated at the 62.0% retracement level. Owing to the lower likelihood of a slide back into the discount zone, an invalidation of the 1977.00 and 2143.00 resistance levels is imminent.

ETH Key Levels

Demand Levels: $1614.00, $1370.00, $1071.00
Supply Levels: $1977.00, $2143.00, $2445.00

Insights from Technical Indicators:

Since the price is yet to make a notable decline from the 1977.00 resistance, the market is in an uptrend according to the MA Cross. A reversal occurred after the price bounced off the 62.0 Fibonacci retracement level on June 15, 2023. From the point of the reversal, the Stochastic Oscillator heads upward into the overbought region. Due to the selling pressure in the overbought region, the price needs to make a retracement to the downside.

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