ETH Weekly Analysis
ETH put in a new ATH and breaking swing structure before correcting. Its pulled all the way back into the weekly demand zone where the move originated from. Lots of high volume nodes within this area as shown on VPVR and a high confluence demand zone with resting orders. I think this chart looks bullish on the HTF, we have broke structure to the left and closed above it, broke the last supply zone from the prior ATH and currently in a internal weekly swing structure and could be forming a bullish HL if price is maintained above $1717.
As we are coming into the weekly demand zone volume is increasing and signs of a bottom will be more visible in the coming days/weeks. I expect price to continue deeper into this zone, potentially mitigating the 1D demand zone extreme where there’s a large volume node footprint from fair exchange between buyers and sellers. Again, id expect ranging and signs of accumulation and manipulation within this zone.
As we are coming into the weekly demand zone volume is increasing and signs of a bottom will be more visible in the coming days/weeks. I expect price to continue deeper into this zone, potentially mitigating the 1D demand zone extreme where there’s a large volume node footprint from fair exchange between buyers and sellers. Again, id expect ranging and signs of accumulation and manipulation within this zone.
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