Although the week before was a bit challenging for the crypto market, considering SEC`s strike on staking coins, the previous week changed the game. Namely, it seems that the market is no more concerned regarding Ethereum`s staking coins which will be released with the forthcoming Shanghai hard fork. Instead, the market has strongly supported ETH, by bringing its price again to the level of $1.7K resistance line. From the end of January, this level was tempted by the market, but there has not been a strength for this line to be clearly breached. The issue is that this line still represents a challenge for ETH.
ETH started the previous week around $1.5K support line and supported by the positive market sentiment, the coin managed to end the week by testing $1.7K resistance line. The RSI reached level of 45 during the week, but is ending it around level of 60. It shows that the market is still not ready to head toward the overbought side for one more time, in which sense, short reversal might be ahead. Moving averages of 50 and 200 days formed a clear so-called Golden cross two weeks ago, which is still holding. It usually implies a high potential for a change in trend.
There was no strength for a clear break of $1.7K resistance line, but testing of this line might still not be over. ETH will start a week ahead by testing this level. In case that there is no further strength for a move to the higher grounds, then the coin will revert to the down side. At this moment, there is a probability that $1.6K will be tested for one more time.
ETH started the previous week around $1.5K support line and supported by the positive market sentiment, the coin managed to end the week by testing $1.7K resistance line. The RSI reached level of 45 during the week, but is ending it around level of 60. It shows that the market is still not ready to head toward the overbought side for one more time, in which sense, short reversal might be ahead. Moving averages of 50 and 200 days formed a clear so-called Golden cross two weeks ago, which is still holding. It usually implies a high potential for a change in trend.
There was no strength for a clear break of $1.7K resistance line, but testing of this line might still not be over. ETH will start a week ahead by testing this level. In case that there is no further strength for a move to the higher grounds, then the coin will revert to the down side. At this moment, there is a probability that $1.6K will be tested for one more time.
