ETH - Who Wins This Battle? 🗡️

What's up traders! In today's breakdown, we're taking a look at our favorite #2 crypto in Ethereum.

Let's dive right in...

Ticker: ETHUSD
Date: 04/19/23
Timeframe: 1H

Supply: 2044-2068 (1st red zone), 2116-2148 (2nd red zone)
Demand: 1924-1946 (1st green zone), 1826-1860 (2nd green zone)

Commentary:
Ethereum has created a big gap between these demand and supply levels. With Ethereum now pulled back down, this creates an opportunity for a healthier move upwards if we are to continue this rally.

We have just held demand at ~1920 earlier this morning and are attempting to hold it again. This level is a previous double top from a couple weeks and a week ago so it is an important level to look out for. We should not be shorting Ethereum until this level is broken to the downside.

With that being said, volume is currently accumulating on the downside so a break and retest of this level for further downside could well be a good play.

✅ Bullish Scenario 1: you want to see price hold this ~1920 demand, find strength to move upwards and possibly give us a retest of this demand zone for a possible move back into supply around 2050. This will be the safer upside play.

✅ Bullish Scenario 2: you want to see price hold this ~1920 demand, find strength, have volume build up to break the supply zone around ~2050, and then retest the ~2050 zone to possibly move into last week's high around ~2130.

🟥 Bearish Scenario 1: you want to see price break this ~1920 demand, retest, find weakness again and possibly move into last week's lows around ~1860.

🟥 Bearish Scenario 2: you want to see price find weakness again at ~2050 supply zone after holding this ~1920 demand for a move back into the ~1920 demand zone.