Market continues to punish ETH without any obvious reason. Since the beginning of this year ETH lost almost 72% in value, while BTC lost around 60% for the same period of time. There is no rational reason for such a loss in value for ETH, except only to comply with saying that the market is always right. Market is still in a sort of vacuum when the price of cryptos are in question, considering that difference between ETH futures maturing at the end of this year and the ones maturing at the end of the following year were only 30 points, implying on sort of current market confusion regarding the future prospectus of this coin.
Ether started the previous week testing resistance line at $1.2K. Soon the market lost its strength, and pushed the price toward the next support line at $1K. The price of ETH went modestly below $1K only on one occasion during the week, however, most of the time, ETH was traded above $1K support. During the Saturday trading, buying orders emerged, still, without any significant strength to push the price to the upside. During the week RSI was moving very close to the oversold market, but the line of 30 has not been reached. Moving average of 50 days continues modestly to diverge from MA200 counterpart, indicating that cross is still not in store for this coin.
Macro fundamentals are the ones to be watched during the week ahead for the potential price movements of crypto currencies. They will continue to play an important role for this market in a period to come, in which sense, technical analysis might not provide accurate price directions. If there are no surprises with macro fundamentals, then it might be expected that the price of ETH will modestly rebound to the level of $1.2K resistance line. However, if the price breaks the current support line at $1.0, then the price might revert further down to the level of $900.
Ether started the previous week testing resistance line at $1.2K. Soon the market lost its strength, and pushed the price toward the next support line at $1K. The price of ETH went modestly below $1K only on one occasion during the week, however, most of the time, ETH was traded above $1K support. During the Saturday trading, buying orders emerged, still, without any significant strength to push the price to the upside. During the week RSI was moving very close to the oversold market, but the line of 30 has not been reached. Moving average of 50 days continues modestly to diverge from MA200 counterpart, indicating that cross is still not in store for this coin.
Macro fundamentals are the ones to be watched during the week ahead for the potential price movements of crypto currencies. They will continue to play an important role for this market in a period to come, in which sense, technical analysis might not provide accurate price directions. If there are no surprises with macro fundamentals, then it might be expected that the price of ETH will modestly rebound to the level of $1.2K resistance line. However, if the price breaks the current support line at $1.0, then the price might revert further down to the level of $900.
