ETHUSD Finally Breaks the $1531.00 Support After Two Months of Consolidation

ETHUSD finally breaks the $1531.00 support after two months of consolidation. Before the beginning of the downtrend in July 2023, ETHUSD was in a consolidation phase. The market was fluctuating around the $1876.00 price level. In mid-June 2023, the price jerked downward, breaching the previous support at $1755.00. Followed by a massive expansion to the upside, a fractal move appeared into the $2030.00 supply zone.

 

At $2030.00, a new swing high formed, marking the beginning of the ongoing market trend. The emerging downtrend led the price to the discount zone until it bounced off the $1531.00 support. ETHUSD began to consolidate between the $1755.00 and $1531.00 price levels after the bounce. The consolidation lasted for a long time until the recent breakout due to the resumption of the downtrend.

ETH Key Levels

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

What are the Indicators Saying?

According to the SMA (Simple Moving Average), the market’s bearishness has now resumed. However, the Stochastic Oscillator suggests an impending bullish correction as the market becomes oversold.

 

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