Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The week started positively for Ethereum [ETH]. The U.S. debt ceiling talks got “an agreement in principle” on Saturday during a phone call between President Joe Biden and House Speaker Kevin McCarthy.
Bitcoin and Ethereum reacted positively to this over the weekend. On Friday, there was news that a deal was closer to being finalized and Dow Jones registered gains.
In the past two days, Ethereum saw another move higher. A look at the lower timeframe charts showed strong bullish momentum and a breakout past the $1880 resistance. Can the bulls defend this zone as support now, and will Ethereum resume its upward march once more?
Two critical support zones for buyers to defend in the coming weeks
A recent report highlighted that the amount of ETH staked on the Beacon chain grew by 11% from the Shapella upgrade to 21.6 million. Stakers showed faith, although 60% of them were at a loss after Ethereum’s fall beneath $2000 in mid-April.
The ascending trendline showed that despite the turmoil in the past six weeks on the price chart, the trajectory of the market on the higher timeframe was upward. Yet, further study of the price action showed that ETH exhibited a bearish structure until Sunday.
The structure was flipped to bullish upon the surge past $1872, and the price was retesting the same area as support at the time of writing.
Meanwhile, the OBV was also in decline from the highs at $2155 on 16 April. This showed dominant selling pressure.
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Author: Akashnath S
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