Ethereum [ETH] fights to stay above $1500, but is $1300 looming?

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

• The market construction and momentum have been bearish.
• A revisit to $1560 was doubtless however the bears might seize the higher hand afterward.

Bitcoin [BTC] bulls have been capable of preserve BTC from falling beneath the $21.6k mark. Any slip towards $21.4k was shortly purchased up. Patrons could be cautiously optimistic, for the value is at risk-to-reward space to bid.

Learn Ethereum’s [ETH] Value Prediction 2023-24

Equally, Ethereum [ETH] additionally had some causes to be bullish on. Nevertheless, the value strayed dangerously near the final line of protection earlier than a plunge to $1350. The decrease timeframe momentum strongly favored the sellers- however can a reversal happen?

The market construction was firmly bearish, however bulls have some hope

Supply: ETH/USDT on TradingView

It was not a fairly sight for ETH bulls on the value charts. The $1565 assist from late January 2023 was cleanly damaged just a few days in the past, flipping the construction to bearish. Alongside the value, the OBV and the RSI additionally launched into a downtrend. This highlighted the bearish momentum and stiff promoting stress Ethereum noticed over the previous week.

Throughout Ethereum’s rally previous $1300 in mid-January, the value left a good worth hole on the 12-hour chart. This space prolonged from $1464 to $1508. On 13 February, ETH had dropped to $1462 earlier than bouncing larger. Therefore, this imbalance has been stuffed. Will the costs rebound and surge larger?

Is your portfolio inexperienced? Test the Ethereum Revenue Calculator

It should be remembered that the market construction break on the 12-hour and every day timeframes at $1565 was a robust one. Therefore, whereas ETH might bounce again to that space, it’s doubtless that one other transfer from there would begin. Due to this fact, as a substitute of buying and selling the potential bounce, merchants can search for entries to a brief place across the $1550-$1580 space.

The explanations to be bullish on ETH are the mixture of the FVG being stuffed, and BTC at $21.6k. Whereas each the belongings don’t at all times transfer collectively, the current promoting stress has primed the marketplace for additional losses. Therefore, a drive upward will doubtless catch a majority off guard.

Open Curiosity falls alongside costs to underline bearish sentiment

Supply: Coinalyze

Each the OI and the spot CVD of Ethereum on the one-hour chart have been in freefall over the previous few days till press time. Falling OI and costs pointed towards exhausted bulls, and confirmed sentiment was bearish. Liquidated lengthy positions over the previous week additionally confirmed bulls getting slaughtered.

With a bearish construction, momentum and rising promoting stress, quick sellers can get alternative quickly. A BTC break beneath $21.2k would doubtless see ETH nosedive towards the $1300 mark as nicely.