There have been some interesting developments with ETH`s price during the previous week. Namely, nobody has expected that meme-frenzy will hit the market for one more time. It has been supported by the release of a new SpongeBob token on Thursday, whose price surged by an incredible 600% during the first few days of trading. At the same time, Pepecoin surged by more than 120%. This meme-mania supported the price of ETH, however, it impacts less coins in circulation, since more ETH`s is burned in order to support memes. At one moment, the price of ETH reached level of $2.020, however, the coin is finishing the week around $1.9K, with prevailing selling orders.
RSI continues to move around the 50 for the last two weeks. It seems that there is no strength for a move toward the overbought side, due, most probable road in the coming period would be toward the oversold side. Moving average of 50 days continues to diverge from MA200 counterpart, still supporting the Golden cross, which is positive for the coin.
As per current charts, ETH will start the week ahead by testing the $1.850 support line. Whether there will be strength to break this line, will depend solely on a volume of selling orders. On the opposite side, there is a lower probability for the price to reach $2K, still levels above $1.9K might be shortly tested.
RSI continues to move around the 50 for the last two weeks. It seems that there is no strength for a move toward the overbought side, due, most probable road in the coming period would be toward the oversold side. Moving average of 50 days continues to diverge from MA200 counterpart, still supporting the Golden cross, which is positive for the coin.
As per current charts, ETH will start the week ahead by testing the $1.850 support line. Whether there will be strength to break this line, will depend solely on a volume of selling orders. On the opposite side, there is a lower probability for the price to reach $2K, still levels above $1.9K might be shortly tested.
