There had been some positive influx on the market after FED`s minutes revealed the possibility that FOMC might ease its further monetary tightening, by slowing down increase of interest rates. However, contingency from FTX collapse is still a significant risk for investors. In this sense, it could not be expected for some higher recovery on the crypto market until the air clears up.
ETH`s price moves during the previous week show that the coin is still quite fragile. Investors had their doubts about this coin, even before the FTX collapse. It was and still is reflected in ETH`s futures prices. At this moment investors don’t perceive some significant price recovery until the end of the next year. The economic situation in the world is also supporting this perception. The price of ETH started the previous week by pushing the price to the downside and lowest weekly level at $1.078. Support line at $1K has not been clearly tested, as the coin swiftly reverted back to the highest weekly level at $1.230. RSI made a move from level of 33 up to 43, but it doesn’t show that the investors are ready to make a move to the upside and overbought market. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend, without any significant change from the weeks before.
Daily trading volumes are significantly decreased, hence, some significant moves in the coming period should not be expected. At this moment, fundamentals play a crucial role, and are the ones which could push the market to higher or lower grounds. Based on current charts, it might be expected for ETH to continue to test $1.0K support line and $1.2K resistance line.
ETH`s price moves during the previous week show that the coin is still quite fragile. Investors had their doubts about this coin, even before the FTX collapse. It was and still is reflected in ETH`s futures prices. At this moment investors don’t perceive some significant price recovery until the end of the next year. The economic situation in the world is also supporting this perception. The price of ETH started the previous week by pushing the price to the downside and lowest weekly level at $1.078. Support line at $1K has not been clearly tested, as the coin swiftly reverted back to the highest weekly level at $1.230. RSI made a move from level of 33 up to 43, but it doesn’t show that the investors are ready to make a move to the upside and overbought market. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend, without any significant change from the weeks before.
Daily trading volumes are significantly decreased, hence, some significant moves in the coming period should not be expected. At this moment, fundamentals play a crucial role, and are the ones which could push the market to higher or lower grounds. Based on current charts, it might be expected for ETH to continue to test $1.0K support line and $1.2K resistance line.
