Although Friday’s trading session was very good for ETH, still, the market remains modestly reluctant toward ETH`s actual potential when it comes to its market pricing. Previous week ETH started in a flat mode, testing support line at $1.5K, and reverted to the upside after FED's increase of interest rate which supported positive market sentiment about potential for further slowdown in rate hikes. However, the highest level reached during the week for ETH was $1.670. The resistance line at $1.7K has not been tested. For some time now it seems like a very hard task for ETH to sustain its price at higher levels.
Three weeks ago ETH reached a clear overbought market side, however, reversal is going slowly. It seems like the coin is still not ready for a stronger reversal. The RSI is still moving around level of 67, missing that incremental move toward the level of 70 and one more time clear overbought side. It seems like a short reversal is on hold. Moving average of 50 days started a very modest path toward the MA200 counterpart, while MA200 continues to move in downtrend. The golden cross is still not in store for ETH.
Current charts are showing potential for ETH to test the resistance line at $1.7K in the coming period. However, for the last two weeks, a short term reversal is expected, considering that the coin clearly reached the overbought market side two weeks ago. In this sense short reversal might lead ETH to the downside and support line at $1.6K, eventually $1.520.
Three weeks ago ETH reached a clear overbought market side, however, reversal is going slowly. It seems like the coin is still not ready for a stronger reversal. The RSI is still moving around level of 67, missing that incremental move toward the level of 70 and one more time clear overbought side. It seems like a short reversal is on hold. Moving average of 50 days started a very modest path toward the MA200 counterpart, while MA200 continues to move in downtrend. The golden cross is still not in store for ETH.
Current charts are showing potential for ETH to test the resistance line at $1.7K in the coming period. However, for the last two weeks, a short term reversal is expected, considering that the coin clearly reached the overbought market side two weeks ago. In this sense short reversal might lead ETH to the downside and support line at $1.6K, eventually $1.520.
