- Ethereum Bulls Unable to Drive Prices Past $1930: Ethereum bulls were unable to push past a local resistance near $1930, suggesting that ETH prices could be set for further near-term losses.
- Bearish Market Structure and Momentum: The H4 market structure and momentum of Ethereum were bearish. A rejection at this level showed seller dominance.
- Unenthusiastic Demand: The 1-hour chart of the Open Interest and spot CVD from Coinalyze showed that the sentiment leaned in favor of the sellers over the past week.
Overview
This article discussed how Ethereum bulls have been unable to drive prices past $1930, showing that seller dominance is prevailing. It also highlighted that the sentiment from Coinalyze’s 1-hour chart of Open Interest and spot CVD has been in favor of sellers over the past week.
Market Structure and Momentum
The H4 market structure and momentum of Ethereum was bearish. The move above $1930 collected liquidity before rejection, showing seller dominance. To the south, former resistance in the $1750-$1780 region can act as support. A large imbalance (white) could also attract Ethereum prices toward it. The RSI slipped below neutral 50 on 26 June, indicating that momentum had begun to shift bearish. The CMF was at -0.07 at the time of writing, indicating significant capital flow out of the market in recent hours.
Sentiment Analysis
The 1-hour chart of Open Interest and spot CVD from Coinalyze showed that sentiment leaned in favor of sellers over the past week. This suggested unenthusiastic demand for Etheruem which could result in further losses near term if buyers are not able to push prices back up soon.