ETHUSD Begins Its Bullish Retracement As Price Leaves Oversold State

ETHUSD begins its bullish retracement as the price leaves the oversold state. Coming from an overbought region in April 2023, the market crashed massively as the structure flipped bearish. The second impulse began after a retracement to the upside in a bid to fill the market’s inefficiency. The price retested $1929,000 and crashed even further until Ethereum became oversold.

At $1620.250, a swing low formed at the discount zone. Creating an opportunity for the bulls, a price delivery to the upside was initiated, causing an upswing into the $2029.000 supply zone. Owing to the selling pressure met at the $2029.000 supply zone, ETHUSD crashed massively, breaking major support until a $1540.000 low formed.

ETH Key Levels

Demand Levels: $1540.000, $1462.000, $1370.00

Supply Levels: $1929.00, $2029.00, $2143.00

 

What are the indicators saying?
The RSI (Relative Strength Index) currently shows that the market is recovering from its oversold state. This indication followed a massive decline that ensued from the $2029.00 supply zone. However, despite the ongoing expansion due to the price’s recovery from the oversold state, the market’s trend remains bearish, according to the MA Cross.

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