Ether is finally picking up some of the strength, which was significantly lost during the previous period. In relative terms, the coin outperformed Bitcoin, but this time in a positive manner, gaining more than 26% in value in a single week. At the same time, ETH short term futures were up by some 11%, expressing market positive expectations for this coin in the near future period.
During the latest sell-off on the crypto market, Ether found a new significant support line at $1K. During the previous week this line has been tested, but without strength to be broken on the downside. ETH reverted in a modest mood, to the level of the short term resistance line at $1.2K, where it is currently traded. Two weeks ago the Relative Strength Index reached a clear oversold market. With short term reversal, the indicator moved from this territory, but to the highest level of 37, indicating that the market is still hesitant to clearly head toward the overbought territory. Moving average of 50 days continues to diverge from MA200 counterpart, not providing an indication of a potential cross in the near future.
Macro fundamentals are the ones to be closely watched in the coming period, as they will continue to determine price moves on financial markets. Technical analysis is currently showing potential for a $1K support line to be tested for one more time in the coming period. On the other hand, there is also some probability for ETH to make a move toward the next resistance line at $1.400.
During the latest sell-off on the crypto market, Ether found a new significant support line at $1K. During the previous week this line has been tested, but without strength to be broken on the downside. ETH reverted in a modest mood, to the level of the short term resistance line at $1.2K, where it is currently traded. Two weeks ago the Relative Strength Index reached a clear oversold market. With short term reversal, the indicator moved from this territory, but to the highest level of 37, indicating that the market is still hesitant to clearly head toward the overbought territory. Moving average of 50 days continues to diverge from MA200 counterpart, not providing an indication of a potential cross in the near future.
Macro fundamentals are the ones to be closely watched in the coming period, as they will continue to determine price moves on financial markets. Technical analysis is currently showing potential for a $1K support line to be tested for one more time in the coming period. On the other hand, there is also some probability for ETH to make a move toward the next resistance line at $1.400.
