ETHUSD Falls as Price Gets Rejected at Bearish Order Block

ETHUSD falls as the price gets rejected at the bearish order block. The market’s overall trend has been bearish since the price breakout from the premium zone in July 2023. A consolidation phase entrapped the market at the $1866.00 price level. ETHUSD formed a swing low at $1620.00 as a sign of weakness on the bulls’ part. The price surged upward only to form a UTAD (Upthrust After Distribution), shaking out the bulls as the price crashed afterward.

The market crashed exuberantly, forming a bearish order block before the sudden descent. A BOS (Break Of Structure) occurred after the invalidation of the $1620.00 low, thereby strengthening the bear’s dominance. The downtrend is likely to continue before a major retracement to the upside at the discount zone.

ETH Key Levels

Demand Levels: $1531.00, $1370.00, $1070.00
Supply Levels: $1755.00, $1876.00, $2030.00

What are the Indicators Saying?

The MA Cross suggests an impending bullishness as it contracts due to the bulls’ presence in the market. However, the bullish move might only last for a short time since the market’s overall trend is still bearish. The MACD (Moving Average Convergence Divergence) also indicates a bearish signal as it fails to successfully cross the zero line upward.

 

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