The price of Ether continues to lose its strength for the last few weeks. Luckily, total trading volumes on the crypto markets have significantly decreased, which is the main reason why the price still manages to hold above $1.3K levels. Still, the pressures to the downside remain strong. During the previous week ETH was mostly traded between levels of $1.340 down to $1.260. On Friday`s release of US inflation data, the price of ETH reached level of $1.150 but it soon reverted back to old levels. Market was testing the downside price for ETH. It should also be taken into consideration that ETH`s futures curve continues to be inverted for some time now, where prices of long term futures are lower from the short ones.
RSI was also moving within a very short range, between levels of 37 and 40. The indicator shows that the market continues to look more at the oversold side than the opposite one. Moving averages of 50 and 200 days still move as two parallel lines with downtrend, without indication that the golden cross might occur in the near future.
Selling pressures are still the ones that dominate ETH market. Low trading volumes are actually holding the price at levels above $1.3K. However, for some time now, charts are clearly pointing to the $1.0K support line that is coming in the future period. Before clearly reaching this level, ETH first needs to test a $1.2K support line, which would open a road toward $1.0K. For the week ahead, there is high probability that the ETH would continue to trade above $1.3K, with low probability for $1.4K resistance to be tested. If selling pressures continue to dominate the market, then there would be a higher probability that the price will head toward $1.250 on its road toward the $1.2K support line.
RSI was also moving within a very short range, between levels of 37 and 40. The indicator shows that the market continues to look more at the oversold side than the opposite one. Moving averages of 50 and 200 days still move as two parallel lines with downtrend, without indication that the golden cross might occur in the near future.
Selling pressures are still the ones that dominate ETH market. Low trading volumes are actually holding the price at levels above $1.3K. However, for some time now, charts are clearly pointing to the $1.0K support line that is coming in the future period. Before clearly reaching this level, ETH first needs to test a $1.2K support line, which would open a road toward $1.0K. For the week ahead, there is high probability that the ETH would continue to trade above $1.3K, with low probability for $1.4K resistance to be tested. If selling pressures continue to dominate the market, then there would be a higher probability that the price will head toward $1.250 on its road toward the $1.2K support line.
