In line with general market sentiment, the price of ETH was moving in a relatively flat mode during the previous week. ETH started the week above the level of $1.260 and soon the price was pushed to the upside and again to the levels around $1.350. Highest level reached during the week was $1.385, while ETH is ending the week with prevailing selling orders, around level of $1.320.
During the week RSI was moving below level of 50, between 46 and 41, which means that the market is still eyeing the oversold side. For some time now, moving averages of 50 and 200 days are moving as two parallel lines, with a clear down trend, and there is no indication of potential for a golden cross to occur in the coming period.
Selling pressures continue to dominate ETH market. For the last three weeks, charts are pointing to a potential for ETH to reach a $1.0K support line. There is still time until ETH clearly reaches this level. For the moment, there is a higher probability that the price might head toward the $1.2K support line to test it. On the opposite side, there is a lower probability that $1.4K resistance might be tested in the coming period.
During the week RSI was moving below level of 50, between 46 and 41, which means that the market is still eyeing the oversold side. For some time now, moving averages of 50 and 200 days are moving as two parallel lines, with a clear down trend, and there is no indication of potential for a golden cross to occur in the coming period.
Selling pressures continue to dominate ETH market. For the last three weeks, charts are pointing to a potential for ETH to reach a $1.0K support line. There is still time until ETH clearly reaches this level. For the moment, there is a higher probability that the price might head toward the $1.2K support line to test it. On the opposite side, there is a lower probability that $1.4K resistance might be tested in the coming period.
