The question imposed two weeks before still holds. Namely, it is currently unclear whether ETH price is driven by the market expectations over forthcoming Shanghai fork or general technical`s? During the previous week, ETH`s price was holding strongly and outperformed the increase in market capitalization of the BTC, which is a rare performance of ETH. The price of the coin moved within a range of $1.530 up to $1.710, finishing the week around level of $1.680. Although daily trading volumes were decreased compared to the week before, still, buying orders were prevailing.
The RSI indicator is showing that the market entered into short term reversal, but this path might be a bit postponed. As the indicator reached level of 56, it reverted back toward the 66, which is very close to the overbought side. Positive developments are with MA50 and MA200, as the MA 50 line began to move closer to its counterpart. It suggests that the long-awaited Golden cross might be in store in a short period of time.
Charts are showing that the $1.670 line has been a hard task for ETH since the beginning of November last year. This level has been tested during the previous week, but without market strength to clearly break it. Based on the current charts, the level of $1.770 might be the next target of ETH, but with lower probability that it might occur in the coming week. There is still a higher probability for a short reversal to the down side, where support at $1.520 might be tested for one more time.
The RSI indicator is showing that the market entered into short term reversal, but this path might be a bit postponed. As the indicator reached level of 56, it reverted back toward the 66, which is very close to the overbought side. Positive developments are with MA50 and MA200, as the MA 50 line began to move closer to its counterpart. It suggests that the long-awaited Golden cross might be in store in a short period of time.
Charts are showing that the $1.670 line has been a hard task for ETH since the beginning of November last year. This level has been tested during the previous week, but without market strength to clearly break it. Based on the current charts, the level of $1.770 might be the next target of ETH, but with lower probability that it might occur in the coming week. There is still a higher probability for a short reversal to the down side, where support at $1.520 might be tested for one more time.
