The declining volume and compression on the Ethereum price charts pointed to an uneventful weekend, with Monday's swing points likely to be important
ReadThe declining volume and compression on the price charts pointed to an uneventful weekend. Will this be followed by a breakout north or south next week? Or, trading gods forbid, will Ethereum prices continue to stutter just above the $1800 mark?Source: ETH/USDT on TradingView
The Bollinger Bands were closely bound to the price and the BB width indicator was at two-month lows once more. Trading volume was declining over the past few days as well. This came after ETH tested the 4-hour bullish order block at the $1720 area . The RSI was also unable to break out past the 45 or 55 values showing an indecisive market.
Such compressive price action meant a sharp move was around the corner, but its direction was uncertain. On higher timeframes such as daily, the market structure of ETH was bearish. The H4 bearish order block at $1880 could be tested before a move downward. Traders must also beware of liquidity hunts in either direction before a reversal.
Therefore, the high and low of Monday could be vitally important on the lower timeframes. A strongly bearish performance on Monday could set the tone for the rest of the next week, with bearish targets at $1700 and $1620. On the other hand, a breakout past $1880 and a successful retest as support could see ETH bulls push toward $2000 once more.The social dominance metric was near the three-month average toward the end of April.
Meanwhile, the mean coin age has trended upward over the past month. The exchange flow balance indicated a rise in selling pressure was imminent but the mean coin age metric underlined an accumulation phase. Whether the bulls or the bears will win remains to be seen, with Monday likely to be important.
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