Ethereum hits both $1600 and a hurdle: What now?
ETH has hit a crucial roadblock near $1650 that could ease recovery. What's next for the king of altcoin's price?...
- Ethereum (ETH) has reclaimed the mid-range of $1600 but is facing a roadblock.
- Crucial sell limit orders are placed at $1650, $1700, and $1800.
- ETH has seen a 5% gain, rising from $1550 to $1630.
- Bitcoin (BTC) has yet to reclaim its mid-range of $27k.
- ETH's recovery is impressive, but it needs to surpass the $1650 hurdle.
- The daily bearish order block is at $1623 - $1660.
- The market structure is bearish unless ETH climbs above the previous lower high of $1670.
- The RSI has been below 50 since mid-August, indicating increased bearish pressure.
- The CMF shows positive capital inflows in September.
- Major sell limit orders are placed at $1650, $1700, and $1800.
- There have been recent liquidations of long positions, indicating building bearish pressure.
- The $1646 level is a key liquidity area and could contribute to a price reversal.
The sentiment in the article is mostly bearish, with mentions of roadblocks, hurdles, bearish order blocks, and increased bearish pressure. However, there are also mentions of ETH's recovery and positive capital inflows in September.