ETHUSD Shows Signs of Change in Trend

ETHUSD shows signs of a change in trend as the price fails to form higher highs. Since the formation of the major high at $2030.00, there has been a rapid decline. This caused a structural shift to the downside as the market’s bears drove prices into the discount zone.

Following the breakout from the $1875.00 support, the price continued its newly emerging bearish trend. As the third quarter of the year was set to commence, prices experienced a notable struggle to form lower lows. As the bearish trend ended, a relatively equal low was formed at $1530.00. Price formed a major low at $1532.00 before surging to the upside, breaking major resistance along its path.

The recent invalidation of the $2030.00 major high has led to a retirement among the bulls. Moreover, ETHUSD seems to be heading downward as the selling pressure at the $2140.00 resistance overwhelms the market.

ETH Key Levels

Demand Levels: $1875.00, $1755.00, $1530.00
Supply Levels: $2140.00, $2530.00, $2716.00

What are the Indicators Saying?

Following the rebound at the $1530.00 support, the MA Cross indicated a bullish signal. The market was in a bullish trend until the recent retraction at $2140.00. The ongoing reversal was triggered by the bulls’ exit, as the RSI (Relative Strength Index) indicated that the market was overbought. According to the RSI, ETHUSD is bullish, and a retracement or complete reversal is imminent.

 

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