Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The H4 and 1-day market structures were at odds with one another.
- The evidence showed that buyers had an advantage in the lower timeframes.
The number of new Ethereum addresses staking ETH had been rising, and the amount of ETH staked has increased since April. This trend began to shift after the first week of June, likely over regulatory concerns after the SEC filed a lawsuit against Coinbase.
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Despite the bearish news developments earlier this month, the price action of ETH took a bullish turn on the H4 chart. The move above the recent lower high at $1778 signaled a shift of power toward the buyers.
Can traders expect a rally after the breach of the $1800 resistance?
The H4 market structure was bullish after the $1778 level was breached. This move represented a bullish market structure break but the trend was not yet in favor of the buyers. ETH bulls must post a higher low and higher high- but we haven’t yet seen even a pullback after the MSB.
The RSI was in the overbought territory to show strong bullish momentum, while the OBV has managed to undo some of the losses of the past two weeks. Yet, although the H4 chart showed signs of bullishness, the daily timeframe presented evidence to the contrary.
The move below $1785 back in mid-May showed that the higher timeframe bias was turning bearish. The recent drop below $1686 (white) indicated that Ethereum was beginning to trend downward on the daily chart. To invalidate this idea, Eth
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Author: Akashnath S
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