Ethereum Price Ascend Stopped at $3375.0 Supply Zone

in June, the price retraced to the $3041.0 demand zone, filling the fair value gaps that were created during the bullish breakout from the descending channel. A bearish order block was formed at the $3375.0, just before the price reached the $3041.0 demand zone. The Bulls took advantage of the test of the descending trendline to enforce a bullish move. The price rose into a bearish order block of  $3375.0. The bearish order block has created resistance, preventing the price from taking off to the all-time high of $4085.0.

The Ethereum price experienced a significant bounce off the descending trendline, which was acting as the boundary of the parallel channel on the daily chart. This movement resulted in a surge, propelling the price into the $3375.0 supply zone.

Ethereum Key Levels

• Demand Levels: $3041.0, $2590.0, $2292.0
• Supply Levels: $3380.0, $3835.0, $4085.0
• 

Indicators Analysis

Support was reinforced by the lower Bollinger Band during the test of the $3041.0 demand level. The RSI (Relative Strength Index) indicated an increase in price above the mid-string of the Bollinger Band, confirming the price rise. However, the influx of sellers at the $3375.0 bearish order block has halted the price ascent. The market is currently in a critical state, situated between the $3041.0 demand level and the bearish order block, which serves as a supply zone. At this juncture, a double break of structure is essential to establish a more precise direction and enhance the win rate.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Lee Wild

• 

  Tom Frew

• 

  Trader Tim

• 

  John Cadogan