There have been some interesting developments with ETH during the previous period. Forthcoming “merge” fork is evident on the charts, but also on the futures market. Since it has been announced that Ethereum is preparing to improve the network, the price of ETH was continuously gaining in strength, with a clear reason. However, futures trading on Friday revealed that investors are currently certain about short term ETH price, but inverted line for longer-term futures maturities, shows expectations of investors that the price of ETH might not perform with continued gains in the value. In the words of figures, on Friday futures trading price of futures maturing in August this year was $1.930, while for maturities as of the end of this year the closing price was $1.870. On the other hand, this might also indicate ongoing insecurity of investors supported by an unstable macro environment.
Previous week ETH started around the support line at $1.700 while continuous prevailing buying orders pushed the price of the coin to the highest weekly level at $2K. This is a strong level for ETH as it also represents the psychological line where the coin spent a lot of time during previous years. Relative Strength Index has reached level of 71, which is a clear overbought market. This is also an indication that some short reversal might be expected in the coming period. Moving average of 50 days started its clear convergence toward its MA200 counterpart, but there is still no indication that a golden cross is in store for this coin in the coming period.
As per current charts, ETH will start next week by testing the $2K psychological line, while the next resistance line stands at $2.1K, which could be tested in the following days. Still, RSI is pointing to increased probability of short term reversal, in which sense, the support line at $1.850 might be tested one more time.
Previous week ETH started around the support line at $1.700 while continuous prevailing buying orders pushed the price of the coin to the highest weekly level at $2K. This is a strong level for ETH as it also represents the psychological line where the coin spent a lot of time during previous years. Relative Strength Index has reached level of 71, which is a clear overbought market. This is also an indication that some short reversal might be expected in the coming period. Moving average of 50 days started its clear convergence toward its MA200 counterpart, but there is still no indication that a golden cross is in store for this coin in the coming period.
As per current charts, ETH will start next week by testing the $2K psychological line, while the next resistance line stands at $2.1K, which could be tested in the following days. Still, RSI is pointing to increased probability of short term reversal, in which sense, the support line at $1.850 might be tested one more time.
