Aside from negative market sentiment, during the previous week ETH had additional burden in terms of some negative news published in media, speculating that the SEC might perceive the staking ETHPoW tokens as securities. Potential regulatory implications turned the investors from the ETH during the week, pushing it down to the lowest weekly level at $1.220. As of the weekend, the coin reverted to the upside, finishing the week above $1.3K.
RSI continues to move close to the oversold side of the market, between levels of 41 down to 33, however, this level has not been clearly reached. This adds to the probability that the market is still eyeing the oversold side. Moving averages of 50 and 200 days started again modest divergence from each other, but continue to move with downtrend.
Current charts are suggesting the high probability for the $1.4K resistance line to be tested in the coming period. There is also some probability that $1.5K might be reached.
However, there is currently equal probability for another move toward $1.2K which ETH might test again in the coming period. It is important to note that $1.0K is currently emerging on the charts, as the next level which ETH might reach in the coming few weeks.
RSI continues to move close to the oversold side of the market, between levels of 41 down to 33, however, this level has not been clearly reached. This adds to the probability that the market is still eyeing the oversold side. Moving averages of 50 and 200 days started again modest divergence from each other, but continue to move with downtrend.
Current charts are suggesting the high probability for the $1.4K resistance line to be tested in the coming period. There is also some probability that $1.5K might be reached.
However, there is currently equal probability for another move toward $1.2K which ETH might test again in the coming period. It is important to note that $1.0K is currently emerging on the charts, as the next level which ETH might reach in the coming few weeks.
