Ethereum hits both $1600 and a hurdle: What now?

Posted: September 16, 2023

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• Ethereum reclaimed the mid-range of $1600 however hit an impediment.
• Essential promote restrict orders had been at $1650, $1700, and $1800.

Ethereum [ETH] posted about 5% features after rising from $1550 on 12 September to $1630 at press time. However additional features may very well be derailed as worth motion hit a roadblock, barely above the mid-range stage. 

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Quite the opposite, Bitcoin [BTC] was but to reclaim its mid-range of $27k as of press time. Though such a BTC transfer may increase ETH’s prospects, bulls should clear this hurdle to achieve leverage. 

Can ETH bypass the $1650 hurdle?

Supply: ETH/USDT on TradingView

ETH’s spectacular restoration pushed it to reclaim the mid-range close to $1600. However it hit a each day bearish order block (OB) of $1623 – $1660 (crimson). In addition to, the each day timeframe’s market construction was bearish until ETH climbed above the earlier decrease excessive of $1670. 

So, sellers may exploit the roadblock and ease ETH to the 50-EMA (Exponential Transferring Common), the mid-range of $1609 or $1550. 

However bulls may achieve market leverage if ETH closes above $1670. Such a transfer may tip ETH to focus on $1700 or the vary excessive of $1715. 

In the meantime, the RSI has labored under the 50 mark since mid-August, reinforcing elevated bearish strain over the identical interval. Nonetheless, the CMF stayed above zero in September, underscoring optimistic capital inflows within the first half of September. 

Main promote restrict orders positioned at $1650, $1700 and $1800

Supply: Mobchart

The $1650 stage, which coincided with the bearish OB talked about above, had important promote restrict orders at press time, as Mobchart reveals. Different main promote restrict orders had been additionally positioned at $1700 and $1800, as proven by the lengthy crimson traces. So, a worth reversal was doubtless at these three ranges. 

How a lot are 1,10,100 ETHs value right now? 

As well as, there have been more liquidations of lengthy positions within the final 4 hours earlier than press time. It captures a constructing bearish strain on the roadblock.

In addition to, the liquidation map indicated the $1646 stage, throughout the roadblock, as a key liquidity space and will additional cement a worth reversal chance. 

Supply: Coinglass