Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Ethereum reclaimed the mid-range of $1600 but hit an obstacle.
- Crucial sell limit orders were at $1650, $1700, and $1800.
Ethereum [ETH] posted about 5% gains after rising from $1550 on 12 September to $1630 at press time. But further gains could be derailed as price action hit a roadblock, slightly above the mid-range level.
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On the contrary, Bitcoin [BTC] was yet to reclaim its mid-range of $27k as of press time. Although such a BTC move could boost ETH’s prospects, bulls must clear this hurdle to gain leverage.
Can ETH bypass the $1650 hurdle?
ETH’s impressive recovery pushed it to reclaim the mid-range near $1600. But it hit a daily bearish order block (OB) of $1623 – $1660 (red). Besides, the daily timeframe’s market structure was bearish unless ETH climbed above the previous lower high of $1670.
So, sellers could exploit the roadblock and ease ETH to the 50-EMA (Exponential Moving Average), the mid-range of $1609 or $1550.
But bulls could gain market leverage if ETH closes above $1670. Such a move could tip ETH to target $1700 or the range high of $1715.
Meanwhile, the RSI has labored below the 50 mark since mid-August, reinforcing increased bearish pressure over the same period. However, the CMF stayed above zero in September, underscoring positive capital inflows in the first half of Septemb
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Author: Benjamin Njiri
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