Regardless of a modest weekly recovery, the price of ETH is still exposing market weakness rather than modestly increased optimism. The Merge upgrade, which significantly reduces the use of the energy for mining, did not manage to put stronger support for this coin. Many analysts are of the opinion that current price levels of ETH are undervalued, still, the markets are the ones that make the final decision.
In line with the general market sentiment, the price of ETH was moving in a quite short range during the previous week. ETH started the previous week around level of $1.330, which was a weekly maximum, and reverted slowly to the down side and level of $1.250 as a weekly minimum. The coin is ending the week modestly above $1.3K level with emerging buying orders. At this moment, the order side doesn’t play a crucial role, considering significantly decreased daily trading volumes which are unable to push the price stronger to any side of the market. RSI also made incremental moves between levels of 42 and 46, showing that the market is still more oriented toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, not providing any indication that the golden cross might soon come.
As long as investors are insecure regarding future macroeconomic prospectus, they will be reluctant to enter into positions and choose the side. In this sense, the current side trading might continue for some time in the future period. On a positive side is that $1.3K manages to hold selling pressures from September this year. On the other hand, in case of more negative macro fundamental news, the price might be pushed further to the downside, at least to the level of $1.250 on a road to the $1.2K support line.
In line with the general market sentiment, the price of ETH was moving in a quite short range during the previous week. ETH started the previous week around level of $1.330, which was a weekly maximum, and reverted slowly to the down side and level of $1.250 as a weekly minimum. The coin is ending the week modestly above $1.3K level with emerging buying orders. At this moment, the order side doesn’t play a crucial role, considering significantly decreased daily trading volumes which are unable to push the price stronger to any side of the market. RSI also made incremental moves between levels of 42 and 46, showing that the market is still more oriented toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, not providing any indication that the golden cross might soon come.
As long as investors are insecure regarding future macroeconomic prospectus, they will be reluctant to enter into positions and choose the side. In this sense, the current side trading might continue for some time in the future period. On a positive side is that $1.3K manages to hold selling pressures from September this year. On the other hand, in case of more negative macro fundamental news, the price might be pushed further to the downside, at least to the level of $1.250 on a road to the $1.2K support line.
