- Ethereum flipped its 1-day market structure bearishly.
- The former range highs were the next support region of interest.
Ethereum [ETH] saw a wave of selling activity as profit-taking arose amidst fear. The downtrend was persistent in April and the selling volume was growing.
The indicators were bearish on the one-day timeframe.
The disappointment from the Hong Kong ETFs’ volume on the first day outlined the sentiment toward ETH and crypto. The Open Interest also fell lower to suggest speculators were more guarded.
The bullish order block above $2500 next
Source: ETH/USDT on TradingView
The higher timeframe trend of Ethereum flipped bearishly after it dropped below the $2906 swing low. If the daily session closes below this level, the price would very likely head toward the next support zone at $2600.
This region also has confluence with the former range highs that ETH traded within a few months ago. The RSI on the 1-day timeframe has been below neutral 50 for most of April, highlighting consistent downward momentum.
The OBV also slipped below a support level recently and retested it as resistance. Ethereum is likely to register sizeable losses before reaching the next notable level on the indicator.
The hunt for liquidity could see ETH go south
Source: Hyblock
The closest cluster of liquidation levels for ETH was downward. The $2640-$2750 region presented an attractive pocket of liquidity.
Is your portfolio green? Check out the ETH Profit Calculator
It also has confluence with the bullish order block highlighted at the range highs.
It is expected that ETH will descend to this liquidity pocket before a reversal. Chances of a reversal before that were slim, since these liquidation levels act as magnetic zones to the price.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Ethereum flipped its 1-day market structure bearishly.
- The former range highs were the next support region of interest.
Ethereum [ETH] saw a wave of selling activity as profit-taking arose amidst fear. The downtrend was persistent in April and the selling volume was growing.
The indicators were bearish on the one-day timeframe.
The disappointment from the Hong Kong ETFs’ volume on the first day outlined the sentiment toward ETH and crypto. The Open Interest also fell lower to suggest speculators were more guarded.
The bullish order block above $2500 next
Source: ETH/USDT on TradingView
The higher timeframe trend of Ethereum flipped bearishly after it dropped below the $2906 swing low. If the daily session closes below this level, the price would very likely head toward the next support zone at $2600.
This region also has confluence with the former range highs that ETH traded within a few months ago. The RSI on the 1-day timeframe has been below neutral 50 for most of April, highlighting consistent downward momentum.
The OBV also slipped below a support level recently and retested it as resistance. Ethereum is likely to register sizeable losses before reaching the next notable level on the indicator.
The hunt for liquidity could see ETH go south
Source: Hyblock
The closest cluster of liquidation levels for ETH was downward. The $2640-$2750 region presented an attractive pocket of liquidity.
Is your portfolio green? Check out the ETH Profit Calculator
It also has confluence with the bullish order block highlighted at the range highs.
It is expected that ETH will descend to this liquidity pocket before a reversal. Chances of a reversal before that were slim, since these liquidation levels act as magnetic zones to the price.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
I like what you guys are up also. Such intelligent work and reporting! Carry on the superb works guys I’ve incorporated you guys to my blogroll. I think it will improve the value of my site 🙂
I reckon something really interesting about your blog so I saved to favorites.
I couldn’t resist commenting
I’ve been surfing online more than 3 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my view, if all web owners and bloggers made good content as you did, the web will be a lot more useful than ever before.
You really make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complicated and extremely broad for me. I’m looking forward for your next post, I will try to get the hang of it!
Great site. Lots of useful information here. I?¦m sending it to some pals ans also sharing in delicious. And certainly, thank you to your effort!