Ethereum's [ETH] bounce from $1550 encourages buyers, but is it a trap?
highlighted that Ethereum exchange supplies had fallen, which suggested selling pressure might not spike. On the other hand, the price action showed that the lower timeframe was bearish. How much lower will the prices go?The aforementioned range was highlighted in yellow. It extended from $1505 to $1708, with the mid-range at $1606. All three levels have been significant in the past six weeks.
The RSI was also beneath neutral 50 to show bearish momentum at press time. The CMF stood well below -0.05 to show heavy capital flow out of the market.After the sharp fall in prices on Friday, the market has moved sideways. An important thing to note was the large imbalance left on the charts, highlighted in white. It was likely that this fair value gap will get filled partially or completely in the coming days.
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