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Ethereum Price Bounces Off Demand Zone

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Ethereum’s break of the long-standing support zone at $2,814.0 confirmed its bearish market trend. Sellers successfully penetrated the demand zone on their third attempt, marking a pivotal moment in the downward momentum. The appearance of a “three black crows” pattern at this level signalled strong selling pressure, resulting in a decisive bearish breakout.

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Following the breakout, Ethereum’s price dipped to the demand zone at $2,195.0, where it initially rebounded sharply, rallying back to the previous support level of $2,814.0, which now acts as resistance. However, selling pressure soon drove the price back to the $2,195.0 demand zone. While the price is bouncing off this level again, the upward movement is weaker, showing diminished momentum compared to the first rebound.

Ethereum Price Bounces Off Demand Zone

Ethereum Key Levels

 

Demand Levels: $2,195.30, $1,995.30, $1,785.0
Supply Levels: $2,814.0, $3,086.0, $3,541.0

 

Indicator Analysis

Since mid-August, shorter bars have appeared on the MACD (Moving Average Convergence and Divergence) indicator, highlighting weak momentum despite the initial bounce from the $2,195.0 demand zone. The recent bullish crossover of the MACD line and signal line indicates some upward movement, coinciding with the price rise above the 9-period Moving Average. However, the lack of sustained momentum may result in a ranging market, potentially limiting speculative opportunities in the near term.

 

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