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Ethereum Price Ascend Stopped at $3375.0 Supply Zone

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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.

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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
  • Ethereum Price Ascend Stopped at $3375.0 Supply Zone

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.

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