ETHUSD Rises as Price Fails to Plunge Lower at Oversold Region

ETHUSD rises as the price fails to plunge lower in the oversold region. The market’s trading range for the past six weeks has been between the $1369.80 swing low and the $2143.00 swing high. According to the MA Cross, the price flipped bullish after a massive expansion from the $1370.00 demand zone. From the $1370.00 demand zone, ETHUSD expanded into the $2143.00 supply zone in less than two months.

The range coverage within a short period of time indicates the dominance of the bulls over the bears in the market. Following the formation of the swing high at $2143.00, ETHUSD has been declining reluctantly in fractals. The decline continued again after a buy-side liquidity sweep above the lower high at $2020.00. Currently, the four-month low of the market is $1570.00. The low was formed as a result of the retraction from the liquidity void below the $1571.00 price level.

 

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

What Are the Indicators Saying?

Following the buy-side liquidity sweep above the old high at $2020.00, the MA Cross flipped bearish as price crashed to the discount zone. The crash led the price into the oversold region as the RSI crossed the 30.0 level downward. Owing to the market’s overall trend, ETHUSD might continue expanding upward as it leaves the oversold region.

 

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