ETHUSD Sets to Commence a Short-Term Retracement to the Downside

ETHUSD is set to commence a short-term retracement to the downside. ETHUSD approached a significant demand area during its upward retracement. After ETHUSD rapidly surged in June and July 2023, the market’s sentiment turned bearish. The price reached a new high at $2030.00, forming a prominent resistance level. The bearish shift occurred after a successful breakout at $1876.00, as indicated by the MA Cross.

Bears dominated, causing ETHUSD to plummet, invalidating the previous low of $1620.00. Attempts to breach the $1531.00 support were quite challenging for the bears until the bulls eventually stormed the market. The price flung upward, causing a market structure shift to the upside as it entered the $1876.00 supply zone. After the looming downtrend ends at the discount zone, ETHUSD is likely to resume the market’s uptrend.

 ETH Key Levels

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

What are the Indicators Saying?

On September 16, 2023, the RSI crossed the 30.0 level, indicating that the market is extremely oversold. This led to the subsequent reduction of the selling momentum as the price needed to make a bullish reversal. According to the MA Cross, ETHUSD is now in a bullish market. A pullback to the downside is therefore likely to last for only a short time.

 

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