ETHUSD Sinks Lower as the Bears Dominate the Market

Alongside the major falling trendline, the market has been declining since four months ago. Prior to the decline, the bulls’ presence in the market lasted between March 11 and April 19, 2023. The bullish trend emerged after the market’s crash into the $1370.00 demand zone. The price of ETHUSD rose after the crash and continued expansively into the $2143.00 supply zone.

During the course of the expansive move, a swing low formed at the $1688.00 price level. However, as a result of the aggressive decline from the $2143.00 supply zone, the $1688.00 got invalidated. The invalidation followed a falling wedge, which brought the price into the discount zone. Currently, the market is heading deeply into the discount zone; an expansion into the bearish order block at $1850 is therefore imminent.

ETH Key Levels

Demand Levels: $1614.00, $1462.00, $1370.00
Supply Levels: $1928.50, $2029.00, $2143.00

 What Are the Indicators Saying?

The Moving Average indicates that the direction of the market is currently bearish. Apparently, owing to the major direction of the Moving Average since April 2023, a further decline is probable. However, according to the RSI (Relative Strength Index), an upward correction might occur soon due to the oversold state of the market.

 

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