ETHUSD Enters Bullish Order Block Amid Reversal Signals to the Upside

ETHUSD enters the bullish order block amid reversal signals to the upside. Following a distribution phase seen in the supply zone of $2143.00, a reversal in the trend appeared on April 19, 2023. When this reversal first appeared, the price declined rapidly. This revealed the sudden presence of the bears. The decline continued afterward, though in fractals, until all weak lows, including the $1785.50 and $1737.80 lows, were invalidated.

 

The decline resumed on July 14, 2023, following a substantial pullback to the $2029.00 resistance. The ensuing downtrend dragged the market downward for weeks until the recent one-month low formed at $1530.60. During the reversal that emanated after the formation of the $1530.60 low, a bullish order block formed below the $1620.0 price level. A return to the bullish order block might instigate a rapid expansion out of the discount zone.

ETH Key Levels

Demand Levels: $1620.00, $1462.00, $1370.00
Supply Levels: $1929.00, $2029.00, $2143.00

What are the Indicators Saying?

Following the sweep of sell-side liquidity below the old low of $1540.00, ETHUSD became bullish as the Moving Averages shrank. The market is getting close to being oversold, according to the Stochastic Oscillator. An aggressive expansion to the upside is feasible from the bullish order block when combined with the buying pressure from the oversold area.

 

Learn from market wizards: Books to take your trading to the next level

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 Plc. ADVFN Plc 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.

• 

  ADVFN Deals

• 

  Capital Spreads

• 

  Felipe Erazo

• 

  Sunil Mangwani