Bad period for ETH continues for the third week in a row. Resistance line at $1.950 has been tested during the week, when the coin reached the $2K psychological line, however, there has not been market strength to push the price above $2K, so the coin returned to the levels from the beginning of the week. ETH is finishing the week around $1.780 and testing the $1.750 support line.
During the week RSI was pushed from the oversold zone up to the level of 43. However, the mark line at 50 has not been reached, so for the moment it remains questionable if the market is ready to head toward the overbought line. MA50 started stronger divergence from MA200 counterpart, although both lines are moving with strong downtrend.
Same as with BTC, it can be expected that ETH will follow general market sentiment in a week ahead. Since the market is currently set on inflation data, Friday might bring major moves for ETH also. This puts ETH future price moves under two options. If the market perceives news as a positive, ETH`s price would probably move again up to $2K, with decreased probability that the $2.1K resistance line could be tested. On the opposite side, if the current support line at $1.750 is breached, then ETH will be on a road toward $1.520 next support line, but such move currently has low probability.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
During the week RSI was pushed from the oversold zone up to the level of 43. However, the mark line at 50 has not been reached, so for the moment it remains questionable if the market is ready to head toward the overbought line. MA50 started stronger divergence from MA200 counterpart, although both lines are moving with strong downtrend.
Same as with BTC, it can be expected that ETH will follow general market sentiment in a week ahead. Since the market is currently set on inflation data, Friday might bring major moves for ETH also. This puts ETH future price moves under two options. If the market perceives news as a positive, ETH`s price would probably move again up to $2K, with decreased probability that the $2.1K resistance line could be tested. On the opposite side, if the current support line at $1.750 is breached, then ETH will be on a road toward $1.520 next support line, but such move currently has low probability.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
