XBTFX

Ether: $2K is (not) so close

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
All eyes of crypto investors are currently on Ethereum , considering the announced improvement of the network called “Merge” coming in September. Investors are already positioning, as shown by the released news regarding significant call options that few large hedge funds had placed on these coins. This is very positive for ETH, considering that it has been neglected by the market for some time now. Increase in the value of the coins continued for the second consecutive week, where ETH managed to reach levels above $1.7K. Whether $2K is its next target, is still a bit early to note, based on current charts, but certainly, the price of a coin is heading in a positive direction.

Minimum level reached during the previous week was $1.350, however, the coin soon strongly reverted to the upside, and reached its highest weekly level at $1.780. ETH is also ending the week around this level. Strong drive to the upside pushed RSI indicator to the level of 67. Clear overbought market has not been reached, but there are indications that the market is heading in this direction. Moving average of 50 days has slowed down the divergence from MA200, and currently they are moving as two parallel lines. There is still no indication that the convergence has started.

As per current charts, the $2K resistance and psychological level is still not in the store for ETH, at least for the week ahead, but it might occur only in a case of some stronger fundamentals around ETH. Current task for this coin is $1.850 resistance line, with high probability that it might be tested in the coming days. In case that it is clearly broken, the next resistance stands at $1.950. On the opposite side, there is some probability for $1.400 support to be tested one more time.

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