Start of the year was one of the rare weeks when Ether outperformed Bitcoin in moves to the upside. During the week, BTC remained flat, while ETH managed to gain some 7% in value. Whether this is a sign that investors are regaining trust in this coin, is too early to note, but for the whole year 2022 ETH was sort of punished by the market, without an obvious reason. Still, when it comes to the futures prices, the investors' optimism for both coins is still not in store for this year. Certainly, contraction of the crypto business during the crypto winter and collapses of several exchanges during the last year, are still shaping investors sentiment.
ETH had a good start of the year, with a move from $1.2K up to $1.275. Resistance line at $1.3K has not been tested on this occasion, which leaves some space for this level to be tested in the coming period. RSI was pushed to the level of 60, indicating that investors and traders are more oriented toward the overbought side of the market. Moving averages of 50 and 200 days still continue to move as two parallel lines, without any change for the whole year now. Potential cross is still on hold.
During the first week of January markets are still in a holiday mood, which could be confirmed through quite low daily trading volumes. In this sense, it could not be expected that ETH will make any significant move, but it would rather test the $1.3K short resistance line, with probability to revert a bit to the downside, above the support line at $1.2K.
ETH had a good start of the year, with a move from $1.2K up to $1.275. Resistance line at $1.3K has not been tested on this occasion, which leaves some space for this level to be tested in the coming period. RSI was pushed to the level of 60, indicating that investors and traders are more oriented toward the overbought side of the market. Moving averages of 50 and 200 days still continue to move as two parallel lines, without any change for the whole year now. Potential cross is still on hold.
During the first week of January markets are still in a holiday mood, which could be confirmed through quite low daily trading volumes. In this sense, it could not be expected that ETH will make any significant move, but it would rather test the $1.3K short resistance line, with probability to revert a bit to the downside, above the support line at $1.2K.
