A “Merge” is a word lately often used by both analysts and investors when Ether is in question. It refers to the announcement by the Ethereum Foundation that a new fork, which will be released in September, will bring more efficient proof-of-work for the Ethereum network. For the last two weeks, ETH is strongly supported by this news, where the price of the coin has been pushed from the $1.0K support line, up to the $1.5K resistance during the previous week. Highest level reached during the week was $1.640, bringing the ETH to the top performing coin on a weekly level.
With strong price push to the upside, RSI was moved almost to the overbought territory, reaching level of 68. However, a clear overbought market has not been reached, leaving some space for it in the coming period. Moving average of 50 days has slowed its divergence from its MA200 counterpart, but there is still no indication that two lines are starting opposite moves toward each other.
Current ETH moves are strongly supported by its own fundamentals. Technical analysis shows that there is space for this coin to reach the next resistance line at $1.7K in the coming period, however, short trend reversal might be ahead prior to this move. As charts show, there is probability for ETH to test once again $1.4K short term support, eventually $1.2K, before the coin makes the reversal to the upside.
With strong price push to the upside, RSI was moved almost to the overbought territory, reaching level of 68. However, a clear overbought market has not been reached, leaving some space for it in the coming period. Moving average of 50 days has slowed its divergence from its MA200 counterpart, but there is still no indication that two lines are starting opposite moves toward each other.
Current ETH moves are strongly supported by its own fundamentals. Technical analysis shows that there is space for this coin to reach the next resistance line at $1.7K in the coming period, however, short trend reversal might be ahead prior to this move. As charts show, there is probability for ETH to test once again $1.4K short term support, eventually $1.2K, before the coin makes the reversal to the upside.
