ETHUSD Remains In A Retracement Phase

ETHUSD is currently going through a retracement phase, with the price facing resistance at $1928.50. Despite this retracement, the overall trend for ETHUSD remains bullish, as it continues to trade within the price range of $1370.00 to $2143.00.

After reaching a high of $1370.00, ETHUSD experienced a short-term retracement but has been generally bullish for over three months. Although the price has made several unsuccessful attempts to break the $1928.50 resistance, it is anticipated to resume its uptrend once the discount zone is reached.

ETH Key Levels

Demand Levels: $1614.00, $1370.00, $1180.00
Supply Levels: $1928.50, $2143.00, $2458.00

When examining the indicators, the MA (Moving Average) Cross has shown no particular directional bias since May 2023. It has consistently remained below the $1928.50 resistance, reflecting the price’s struggle to break upward.

Additionally, the Relative Strength Index (RSI) currently hovers around the neutral level of 50.0, indicating a balanced market sentiment as the price fluctuates near the $1928.50 price level. A potential dip into the discount zone could lead to an oversold condition, potentially triggering an upward movement for ETHUSD.

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Felipe Erazo

• 

  Azeez Mustapha

• 

  Matt Simpson

• 

  Capital Spreads