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Ethereum Bull Run Maintains Steadiness, Eyes Next Resistance Level

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Ethereum’s bullish momentum has shown remarkable resilience, persisting without interruption following the retest of the bullish order block at $2196.0. Ethereum’s market structure has exhibited clarity and coherence, characterized by a pattern of consistently forming new highs amidst swing lows.

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Notably, since the 25th of January, the ascent of ETHUSD has been notably swift, with the price demonstrating rapid advancement towards the next significant resistance level at 3555.0. This trajectory underscores the robustness of Ethereum’s bullish sentiment and investor confidence in the cryptocurrency.

Ethereum Bull Run Maintains Steadiness, Eyes Next Resistance Level
Ethereum Key Levels

Demand Levels: $2196.0, $1908.0, $1550.0
Supply Levels: $3555.0, 4198.0, $4936.0

What Are the Indicators Saying?

Indicator Analysis further supports the strength of Ethereum’s bullish trend. The Average Directional Index (ADX) is steadily rising, nearing the 50 mark, indicating a sustained and formidable uptrend. This trend strength suggests a continuation of the bullish momentum with considerable force.

Additionally, the Parabolic SAR (Stop and Reverse) indicator consistently forms points below daily candles, signaling the continuation of the upward trend. This alignment underscores the dominance of buyers in the market, with the increasing demand for Ethereum further consolidating their control.

In summary, Ethereum’s bullish trajectory remains steadfast, underpinned by clear market structure and reinforced by indicators signaling robust upward momentum. As the cryptocurrency eyes the next resistance level, market participants continue to monitor its progress with anticipation, poised for potential further gains amidst the prevailing bullish sentiment.

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