Despite what the indicators say, if Ethereum was truly bullish, the breakout to $2000 has no business reversing back into the previous range formation.
. Yet, on the lower timeframe charts, the breakout past the three-week range from $1840-$1930 was almost fully retraced. This did not bode well for the buyers.Source: ETH/USDT on TradingView
The market structure of Ethereum was bullish on the 4-hour chart. As mentioned earlier, the price action on the daily chart also favors the bulls. The CMF showed significant capital flow directed into the market, and the OBV has also noted gains in recent days. The RSI has fallen back to the neutral 50 mark but could revive soon. Despite what the indicators say, if ETH was truly bullish, the breakout to $2000 has no business reversing back into the previous range formation.
The weekend saw volatility and trading volume decline, but prices below $1950 showed that bulls lacked conviction and bears are far stronger than it appears. Hence, traders can wait for a drop below $1895-$1915 to take short trades. Alternatively, a move back above $1950 would begin to show bullish intent but buyers must exercise caution.
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