Ethereum is currently sandwiched between two significant price zones in chart 1:
- A bullish order block in the $2k-$2.4k range, which has acted as a solid support, holding three times already
- A bearish order block in the $3.9k-$4.2k range, serving as a formidable resistance that has not been breached in three attempts
The critical question now is whether:
- Bears will push the price below this support level in the coming weeks, or
- Bulls will break through the resistance to push the price higher
My take on the situation:
I believe the bulls have a better chance, and here's why:
1. Ascending Triangle Formation:
As seen in Chart 1, Ethereum's chart is possibly forming an ascending triangle, a pattern that typically suggests bullish continuation
2. ETH/BTC Ratio:
Chart 2 shows Ethereum
ETH relative to Bitcoin 
BTC, where it's encountering two robust bullish order blocks in the 0.03-0.032 and 0.023-0.027 ranges on a weekly chart. These could signal a significant support and reversal point
3. Ethereum ETF Inflows vs. Outflows:
According to data provider like coinglass, the last three months have shown much higher inflows than outflows into Ethereum ETFs. This suggests that smart money might be accumulating, setting the stage for a potential upward breakout
Given these points, the technical setup appears to favor a bullish scenario in the near term
- A bullish order block in the $2k-$2.4k range, which has acted as a solid support, holding three times already
- A bearish order block in the $3.9k-$4.2k range, serving as a formidable resistance that has not been breached in three attempts
The critical question now is whether:
- Bears will push the price below this support level in the coming weeks, or
- Bulls will break through the resistance to push the price higher
My take on the situation:
I believe the bulls have a better chance, and here's why:
1. Ascending Triangle Formation:
As seen in Chart 1, Ethereum's chart is possibly forming an ascending triangle, a pattern that typically suggests bullish continuation
2. ETH/BTC Ratio:
Chart 2 shows Ethereum
ETH relative to Bitcoin BTC, where it's encountering two robust bullish order blocks in the 0.03-0.032 and 0.023-0.027 ranges on a weekly chart. These could signal a significant support and reversal point3. Ethereum ETF Inflows vs. Outflows:
According to data provider like coinglass, the last three months have shown much higher inflows than outflows into Ethereum ETFs. This suggests that smart money might be accumulating, setting the stage for a potential upward breakout
Given these points, the technical setup appears to favor a bullish scenario in the near term
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.