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

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure and momentum were bearish. A revisit to $1560 was likely but the bears could seize the upper hand afterward. Bitcoin [BTC] bulls were able to keep BTC from falling beneath the […]

also had some reasons to be bullish on. However, the price strayed dangerously close to the last line of defense before a plunge to $1350. The lower timeframe momentum strongly favored the sellers- but can a reversal occur?It was not a pretty sight for ETH bulls on the price charts. The $1565 support from late January 2023 was cleanly broken a few days ago, flipping the structure to bearish. Alongside the price, the OBV and the RSI also embarked on a downtrend.

During Ethereum’s rally past $1300 in mid-January, the price left a fair value gap on the 12-hour chart. This area extended from $1464 to $1508. On 13 February, ETH had dropped to $1462 before bouncing higher. Hence, this imbalance has been filled. Will the prices rebound and surge higher?It must be remembered that the market structure break on the 12-hour and daily timeframes at $1565 was a strong one.

The reasons to be bullish on ETH are the combination of the FVG being filled, and BTC at $21.6k. While both the assets do not always move together, the recent selling pressure has primed the market for further losses. Hence, a drive upward will likely catch a majority off guard.Both the OI and the spot CVD of Ethereum on the one-hour chart have been in freefall over the past few days until press time. Falling OI and prices pointed toward exhausted bulls, and showed sentiment was bearish.

With a bearish structure, momentum and rising selling pressure, short sellers can get a good opportunity soon. A BTC break below $21.2k would likely see ETH nosedive toward the $1300 mark as well.Subscribe to get it daily in your inbox.

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