ETHUSD Attempts Bullish Recovery

ETHUSD has embarked on a recovery attempt after a notable shift in market structure. The asset initially faced resistance at $4,093.80, forming a double top that marked a key reversal signal. This bearish pattern was further validated by the appearance of three black crows, a candlestick formation indicative of strong selling pressure. These developments drove the price below the last major low preceding $4,094.0, effectively breaking the demand level at $3,548.0 and confirming a bearish shift in market structure.

 

The broken demand level at $3,548.0 then turned into a resistance zone. Ethereum formed a double bottom below the resistance zone, signalling the potential exhaustion of selling pressure and the emergence of buyers. However, Ethereum managed to push above this resistance level, although the price has since stalled, reflecting market hesitation.

Ethereum Key Levels

Demand Levels: $3,086.0, $2,739.0, $2,430.0
Supply Levels: $3,547.0, $4,013.0, $4,867.0

What Are the Indicators Saying?

MACD (Moving Average Convergence/Divergence): Green histogram bars on the MACD indicator suggest growing bullish momentum. The bullish crossover between the MACD line and the Signal line further reinforces the emergence of buyers.

Moving Averages: Ethereum trades above the 9-period and 21-period Moving Averages, signalling the potential for a continued upward movement.

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