Analysis: $ETH
π° Timeframe: Weekly
π The chart you are looking at shows #Ethereum's price on the weekly timeframe. The price is currently above the demand zone. However, the increasing number of touches to this demand zone indicates that buy orders are being consumed.
Given the current weekly #candlestick, which reflects seller dominance, if the weekly candle closes in this manner, it will confirm the continuation of the bearish trend and the potential loss of the demand zone. In that case, the next demand zones will come into play.
β
First demand zone: 1795 β 1723
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Second demand zone: 1446 β 1361
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Third demand zone: 1154 β 1060
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