Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The market structure was bearish, but the lack of volatility persisted.
- Ethereum’s recent price action was bounded by resistance at $1880 and support at $1750.
In the past month, Ethereum [ETH] has shed close to 15.2% in value, measured from the swing high at $2141 to the press time market price of $1816. This was extremely disappointing to some ETH bulls, who expected a strong rally following the breach of the $2000 mark in April.
Read Ethereum’s [ETH] Price Prediction 2023-24
The declining volume and compression on the price charts pointed to an uneventful weekend. Will this be followed by a breakout north or south next week? Or, trading gods forbid, will Ethereum prices continue to stutter just above the $1800 mark?
Tight Bollinger Bands meant traders can wait for a sharp move to decide the direction
The Bollinger Bands were closely bound to the price and the BB width indicator was at two-month lows once more. Trading volume was declining over the past few days as well. This came after ETH tested the 4-hour bullish order block at the $1720 area (cyan). The RSI was also unable to break out past the 45 or 55 values showing an indecisive market.
Such compressive price action meant a sharp move was around the corner, but its direction was uncertain. On higher timeframes such as daily, the market structure of ETH was bearish. The H4 bearish order block at $1880 could be tested before a move downward. Traders must also beware of liquidity hunts in either direction before a reversal.
Therefore, the high a
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Author: Akashnath S
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