It was a relatively flat week for ETH, as its price was following general market sentiment during the previous week. Coin was holding strongly to the $1.7K support line, although there has been some pressure to the downside. Weekly trading range for ETH was $1.560 up to $1.750. Certainly, the forthcoming “Merge” is still strongly supporting the price of the coin.
The Relative Strength Index moved from 57 up to 64. It indicates that the market is still eyeing the overbought side, but it is still not ready to clearly reach it, as daily trading volumes were significantly decreased during the week. There is one positive indication which started to reveal on the charts. Namely, after more than two months MA50 started its modest convergence toward its MA200 counterpart. There is still no indication that two lines are headed toward the future golden cross, but at least this probability is increasing.
Market slowdown is clearly evident on the charts. There is no strength for the price to be moved toward either side. Charts are still pointing to probability for the $1.520 support line to be tested on one more occasion in the coming period. This might trigger a reversal to the upside and resistance lines at $1.7K and $1.750. Currently there is a decreased probability that the coin might test the next resistance line at $1.850, except in case of some strong fundamental news.
The Relative Strength Index moved from 57 up to 64. It indicates that the market is still eyeing the overbought side, but it is still not ready to clearly reach it, as daily trading volumes were significantly decreased during the week. There is one positive indication which started to reveal on the charts. Namely, after more than two months MA50 started its modest convergence toward its MA200 counterpart. There is still no indication that two lines are headed toward the future golden cross, but at least this probability is increasing.
Market slowdown is clearly evident on the charts. There is no strength for the price to be moved toward either side. Charts are still pointing to probability for the $1.520 support line to be tested on one more occasion in the coming period. This might trigger a reversal to the upside and resistance lines at $1.7K and $1.750. Currently there is a decreased probability that the coin might test the next resistance line at $1.850, except in case of some strong fundamental news.
