Ethereum had a bullish market structure on the H1 chart after it climbed above $1555- but the buy volume was muted in recent days
Can Ethereum bulls initiate a rally to the mid-range resistance after the failed rally on Monday, or is bullish sentiment too weak to justify such expectations?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.saw a hike in its supply that took it to the highest it has been in the past ten months. The implication of an increasedthat Ethereum had a pocket of liquidity in the $1595-$1616 region.
However, the On-Balance Volume has been in a firm downtrend over the past week. This was a discouraging finding for the buyers. It reflected the higher timeframe bias of ETH. The daily and 12-hour charts reflected bears were dominant. The range was one that ETH has traded within since late August. Moreover, the $1630-$1750 was a resistance zone from mid-June.
Hence, buyers can look to enter long positions at the $1585-$1600 zone targeting the mid-range mark at $1640. A tight stop-loss at the $1566-$1573 area can be considered as this trade could be extra risky.Monday’s New York session saw wild volatility on the back of Cointelegraph’s inaccurate tweet regarding the Blackrock Bitcoin ETF, one that they have alreadyThe fall in OI was followed by a bounce as bullish speculators entered the market but didn’t reflect strong conviction.
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