Previous week was one of the rare weeks where Ether outperformed Bitcoin, unfortunately in a negative way. During the week Ether lost additional $5.6B in market cap by decreasing its price by 2.3%. Selling orders continue to be prevalent on the market. Highest price reached during the week was $2.1K, while lowest price reached was $1.9K. Current charts are pointing that Ether will continue its fight to hold the $2K level.
After reaching a clear oversold market, RSI is trying to move away from this zone, but in a very shy way. Indicator managed to move just to the level of 35, still not pointing that the market is on the road of reversal. Moving averages of 50 and 200 days started their down trend, with MA50 moving away from its 200-days counterpart. Certainly, a cross is not to be expected in the near future.
Good thing for ETH is that the $1.950 support line continues to hold, which means that the market has reached some equilibrium price at this level, at least for the moment. Now, the question is if more negative fundamentals hit the market, whether ETH will manage to sustain this price? Most certainly not, and the price will move toward the next support line at $1.850. On the opposite side, there is a probability for the price to move toward the $2.100 resistance line to test it once again.
After reaching a clear oversold market, RSI is trying to move away from this zone, but in a very shy way. Indicator managed to move just to the level of 35, still not pointing that the market is on the road of reversal. Moving averages of 50 and 200 days started their down trend, with MA50 moving away from its 200-days counterpart. Certainly, a cross is not to be expected in the near future.
Good thing for ETH is that the $1.950 support line continues to hold, which means that the market has reached some equilibrium price at this level, at least for the moment. Now, the question is if more negative fundamentals hit the market, whether ETH will manage to sustain this price? Most certainly not, and the price will move toward the next support line at $1.850. On the opposite side, there is a probability for the price to move toward the $2.100 resistance line to test it once again.
