ETHUSD Sets to Begin Its Reversal to the Downside

ETHUSD is set to begin its reversal to the downside as the distribution phase ends. Following the formation of the $2030.00 high, ETHUSD was immersed in the discount as the bulls exited the market. The downtrend that emerged as a result of the crash from the $2030.00 high ended as the price approached $1530.00. Owing to the buying pressure from the $1530.00 demand zone, the bears failed to keep the market bearish.

The price of Ethereum began a new phase of markup as the price aggressively skyrocketed, leaving a FVG (Fair Value Gap) of $1726.00. The emerging uptrend as a result of the validation of the $1530.00 demand zone caused more bears to leave the market. The continuous rally eventually invalidated the major high at $2030.00, causing a BOS (Break Of Structure) to the upside. The trading range of the market is between $2140.00 and $1521.00 as of now. A major retracement into the FVG at the discount zone is likely to occur before the bullish trend is resumed.

ETH Key Levels

Demand Levels: $1875.00, $1755.00, $1530.00
Supply Levels: $2140.00, $2530.00, $2716.00

What are the Indicators Saying?

The contrast between the Moving Averages in Period 9 and Period 21 indicates that a major correction to the downside is likely to occur. According to the RSI (Relative Strength Index), the market is set to begin a reversal to the downside as it leaves the overbought region.

 

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.

• 

  Alpha Analysis

• 

  Anton F Balint

• 

  Glenmore Investments

• 

  Lee Wild