ETHUSDT - Liquidity zone reached, ready for higher?
ETH has faced significant resistance at the key level of $1700, marked by the June 2021 low. Despite repeated attempts we failed to break through this level, leading to a swing failure at the November 2022 high.
This failure has resulted in a retracement to the liquidity zone at $1500 (Key Level), which is also the median line of the channel. Additionally, there is the 200-day MA acting as support at $1440. This retracement has had a significant impact on traders who had entered long positions from January 14th, as many of them may have been forced to exit or are now underwater.
To regain momentum and target for higher prices, it is essential to reclaim the previous low and establish it as our new level of support. Volume will play a crucial role in determining the next move.
As long as ETH remains above $1500 a bullish bias should be maintained. The 200-day MA at $1440 acts as an additional layer of support.
This failure has resulted in a retracement to the liquidity zone at $1500 (Key Level), which is also the median line of the channel. Additionally, there is the 200-day MA acting as support at $1440. This retracement has had a significant impact on traders who had entered long positions from January 14th, as many of them may have been forced to exit or are now underwater.
To regain momentum and target for higher prices, it is essential to reclaim the previous low and establish it as our new level of support. Volume will play a crucial role in determining the next move.
As long as ETH remains above $1500 a bullish bias should be maintained. The 200-day MA at $1440 acts as an additional layer of support.