Both ETH and BTC were driving the push of total crypto market capitalization toward $1 trillion during the previous week. ETH gained more than 8% in cap, reaching the highest weekly price at $1.670. This comes from increased market optimism that the FED will slow down with further monetary tightening, and long suppressed market optimism during the crypto winter in 2022. In addition, the Shanghai hard fork is coming in March for ETH, which adds additional wind to the ETH price.
Support line at $1.520 has been tested during two days, but as of the end of the week, ETH price went to the higher grounds, reaching its highest weekly level at $1.670. Daily trading volumes were increased during the end of the week, however, Saturday trading was finished with prevailing selling orders. There has not been market strength to push the price to the lower grounds, so ETH is finishing the week around $1.650. Resistance line at $1.700 has not been tested at this occasion. RSI continues to move in a heavy overbought market side, implying that short term reversal might come soon. On a positive side is that MA50 finally started to converge toward its MA200 counterpart, but there is still time until the actual golden cross occurs.
Short term reversal should be expected in the coming period, considering that RSI is moving within a strongly overbought market for the last two weeks. At this moment, charts are pointing toward $1.520 as a support line which might be tested in the coming days. Whether the price might go below this level is unclear at the current moment, considering the latest strong push to the upside. In case that current support is broken, then the next level to be tested would be $1.450. On the opposite side, there is a decreased probability that the $1.700 resistance line might be tested during the week ahead.
Support line at $1.520 has been tested during two days, but as of the end of the week, ETH price went to the higher grounds, reaching its highest weekly level at $1.670. Daily trading volumes were increased during the end of the week, however, Saturday trading was finished with prevailing selling orders. There has not been market strength to push the price to the lower grounds, so ETH is finishing the week around $1.650. Resistance line at $1.700 has not been tested at this occasion. RSI continues to move in a heavy overbought market side, implying that short term reversal might come soon. On a positive side is that MA50 finally started to converge toward its MA200 counterpart, but there is still time until the actual golden cross occurs.
Short term reversal should be expected in the coming period, considering that RSI is moving within a strongly overbought market for the last two weeks. At this moment, charts are pointing toward $1.520 as a support line which might be tested in the coming days. Whether the price might go below this level is unclear at the current moment, considering the latest strong push to the upside. In case that current support is broken, then the next level to be tested would be $1.450. On the opposite side, there is a decreased probability that the $1.700 resistance line might be tested during the week ahead.
