ETH has a bullish structure but aggressive profit taking could be key for bulls

also faced resistance near $17.3k and $17.6k. A move above $1360 would be needed before buyers can justify their conviction in the coming weeks.Source: ETH/USDT on TradingView

Two breakers were formed over the past six weeks in the $1,360 and the $1,200 zone. Highlighted in cyan and red, they are bullish and bearish breakers respectively. They had formerly been bearish and bullish order blocks but the price has broken past them since then. At the time of writing, ETH possessed neutral momentum on the daily timeframe. The Relative Strength Index was at a neutral 50 while the 21 and 55-period moving averages showed bearish momentum for ETH. However, the market structure was bullish. This happened on 30 November when the price broke above the $1217 level. In doing so it breached the series of lower highs the price has set since 9 November.

The On-Balance Volume was also flat since mid-November and showed buying pressure was not yet behind Ethereum. Until this changes, traders can look to sell ETH at $1360 and buy it on a retest of $1217. The $1300-$1315 area also offers resistance on the lower timeframes.In the past few days, the funding rate was positive on Binance. This meant that futures market participants were bullishly positioned, but that took a shift in recent hours.

Yet, the dramatic spike in withdrawal transactions meant that investors were likely accumulating ETH. These addresses are used to withdraw the asset from centralized exchanges and could have been moved into cold storage. At the same time, the exchange flow balance did not show a large outflow, which was something that was witnessed on November 21. Back then it marked a local bottom for ETH.Subscribe to get it daily in your inbox.

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