ETSY Inc. (NASDAQ: ETSY) ETSY stock price is below the cluster of $70 and is close to the 20-day EMA. Moreover, the ETSY share price shows consolidation, holds the trajectory swing of $60 and is attempting a pullback. However, the bulls did not have enough momentum to initiate a reversal and are hovering below $70. ETSY stock price shows a falling parallel channel and is trading below neutrality, indicating seller dominance. Based on the technicals, ETSY stock will continue to face selling pressure and may consolidate below $70 due to the short buildup activity.
ETSY stock price is in a congestion zone and shows range-bound moves, indicating incisiveness between the bulls and bears showing equal interest. Furthermore, the ETSY stock price slipped below the crucial support zone of $65, indicating that sellers are gaining strength and are willing to retest $50 in the following sessions. Per the options chain, at the strike price of $65, a massive open interest of 1159 hundred shares is on the call side, whereas on the put side, an open interest of 1613 hundred shares highlights the battle to hold the region. However, long positions were trapped, and sellers are looking to stretch the downtrend and are trying to take advantage of the ongoing breakdown.
At press time, ETSY stock price was $63.71 with an intraday gain of 0.52%, showing neutrality in yesterday’s session. Moreover, the trading volume increased by 0.22% to 3.575 Million, and the market cap is $7.837 Billion. However, analysts have maintained a buy rating with a yearly target price of $104, suggesting a growth outlook for the following sessions.
Etsy, Inc. engages in the operation of an online marketplace. It offers handmade products such as shoes, clothing, bags, and accessories. It operates through the following segments: Etsy, Reverb, Depop, and Elo7. The company was founded in 2005 and is headquartered in New York, NY.
Will ETSY Stock Attain a Reversal Above $65?
On the daily charts, ETSY stock price has persisted in dragging the gains and is now making a base near $60 for the past sessions. Price action shows the lower lows formation. Furthermore, the ETSY stock price is close to the 23.6% Fibonacci level and is close to the lower Bollinger band, showing a downtrend on the charts.
The RSI curve stayed in the oversold region and showed a bearish divergence, indicating a negative outlook for the following sessions.The MACD indicator shows green bars on the histogram, suggesting that buyers are accumulating the stock and are attempting a reversal.
Summary
ETSY stock price is below the cluster of $65 and is clearly under selling pressure. Furthermore, the price action highlights the falling channel pattern and shows the lower lows formation. However, buyers have held the gains and are trying to absorb the selling pressure for initiating a pullback in the following sessions.
Technical Levels
Support Levels: $60 and $50
Resistance Levels: $65 and $70
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/10/11/etsy-inc-nasdaq-etsy-sheding-gains-will-bulls-hold-60/