An Ethereum [ETH] breakout past $1800 will remain unlikely until…
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Ethereum [ETH] made enormous gains on the price charts over the past ten days and surged from $1380 as high as $1840. This measured over 30%, and the higher timeframe bias was bullish. Yet the price traded at a level of resistance from last September.
Read Ethereum’s [ETH] Price Prediction 2023-24
Ethereum’s on-chain metrics showed a large amount of ETH was likely bought during the sell-off on 10 March. The metrics did not agree on continued accumulation since then, but traders can monitor them to have an advanced warning of large movements of Ethereum.
Source: ETH/USDT on TradingView
Since September, the $1710-$1790 area has marked a bearish order block on the daily timeframe. The price has not closed a one-day session above $1790, although it has seen forays above $1800 on the lower timeframes.
The indicators showed strong bullishness at the range highs. The RSI stood at 60 to indicate strong bullish momentum. The OBV also marked a sharp reversal after a drop a few days ago and has reclaimed the support from January.
However, due to the presence of resistance from the order block, buyers can wait for a move beyond this level before buying. Meanwhile, short sellers can look for a break in structure on lower timeframes and short ETH if they have sound reason to believe it will retrace its recent gains.
That would be trading against the higher timeframe trend. The daily market structure was bullish, although the selling pressure on 9 and 10 March appeared to give bears renewed hope. Since then, the bulls have breached local highs to assert their dominance. A drop below $1615 could
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