ETHUSD Begins a Markup as Accumulation Ends at the Discount Zone

PUBLISHED: 28 Aug 2023 @ 19:09 | Comments (0) | More info about Azeez Mustapha

ETHUSD begins a markup as accumulation ends at the discount zone. After the aggressive rally that ensued immediately after the rejection at the $1370.00 demand zone, the previous resistance at $1614.00 was broken. However, before the breakout, the price retracted and filled the liquidity void down to $1571.00.

The uptrend continued in fractals until the price entered the $2143.00 supply zone. From the $2143.00 supply zone, the price of ETHUSD fell rapidly as the selling pressure overwhelmed the market. The swing high formed at the $2143.00 supply zone is currently the year’s high. The market’s overall trend has since been bearish as prices crashed alongside an emerging falling trendline. A bullish retracement to the upside is, however, likely possible as the price sank into the liquidity void below $1571.00.

ETH Key Levels

Demand Levels: $1614.00, $1462.00, $1370.00
Supply Levels: $1929.00, $2029.00, $2143.00

What Are the Indicators Saying?

According to the RSI (Relative Strength Index), ETHUSD is typically in an oversold state. Following the tap into the liquidity void below the $1571.00 price level, ETHUSD entered an oversold state. However, the market’s overall trend is bearish, as indicated by the MA Cross. This implies a possible resumption of the downtrend once the price enters the premium zone.

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