Ethereum [ETH] has started this week with a positive stance, with BTC returning to $27000. Is the upward trend sustainable?As of the time of publication, ETH has increased by over 2%
Ethereum [ETH] has started this week with a positive stance, with BTC returning to $27000. Is the upward trend sustainable?
- As of the time of publication, ETH has increased by over 2%.
- Long positions are not encouraged.
Ethereum [ETH] has started the week positively, rising about 4% since Monday (May 22). As of the time of publication, the daily increase was 2.2%, and Bitcoin [BTC] easily returned to $27000.
In recent developments, Vitalik has expressed concerns about pushing Ethereum onto a multi-purpose path. Although the price did not respond to his concerns, this is the short-term outlook for ETH.
Rise and fall at a high point in the short-term range
Since May 8th, ETH has been fluctuating between $1740 and $1873. As of the time of publication, it retested the $1873 range, but left an FVG (fair value gap) of $1825 to $1846 (white).
FVG may further decline, giving bulls the opportunity to retest or break through the high range. A bullish breakthrough may cause ETH to regain its psychological levels of $1900 and $2000.
However, falling below the FVG region may ease in the middle range of $1807. Closing below the mid range may prompt sellers to drag their ETH to a range low of $1784 or $1740.
Meanwhile, the RSI value is 67, highlighting the increase in purchasing pressure over the past few hours. Similarly, the increase in OBVs confirms the improvement in the number and demand of ETHs.
Bull discouraged
According to Coinglas, bulls suffered more liquidation during the press release, and their positions worth approximately $300000 were destroyed. Due to the data depicting the bearish outlook of the futures market, this trend may undermine the strong retesting of the high range.
Similarly, the ETH long/short ratio shows that sellers have a slight advantage in publishing, occupying a dominant position of 52.98% within a 4-hour time frame.
Therefore, before ETH attempts to break through the high point of the range, more upward actions may be delayed for a period of time. The trend of BTC can make the direction clearer.
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