ETH has started its short term reversal, at least per latest technical charts. However, considering that the new Shanghai fork is coming in March this year, the question is whether the market expectations are currently driving the market or general technical’s? Namely, the main question which is to be answered after the implementation of the new fork is whether the investors who were staking their coins for some time would start to sell them after the coins would be available for free use for them?
Two weeks ago, ETH reached the highest price since the beginning of November last year, at $1.680. The coin was unable to reach the resistance line at $1.700 and it reverted a bit to the downside. During the previous week, selling orders were prevailing on the market, where ETH reached the lowest price at $1.519. However, the price is still holding above the $1.550 line. RSI reached the overbought market side two weeks ago, and during the previous week the indicator started its reversal, reaching level of 61. Moving averages of 50 and 200 days are continuing to move to the upside, getting closer to each other. Still, the golden cross is on hold, considering that there is a difference between lines which needs to be crossed.
With prevailing selling orders, there is an increased probability that the ETH will start the week ahead by trying to test a short term support line at $1.520 for one more time. At this moment, there is no clear indication that this line might be breached. On the opposite side, there is some probability that the recent highest level at $1.670 might be tested again.
Two weeks ago, ETH reached the highest price since the beginning of November last year, at $1.680. The coin was unable to reach the resistance line at $1.700 and it reverted a bit to the downside. During the previous week, selling orders were prevailing on the market, where ETH reached the lowest price at $1.519. However, the price is still holding above the $1.550 line. RSI reached the overbought market side two weeks ago, and during the previous week the indicator started its reversal, reaching level of 61. Moving averages of 50 and 200 days are continuing to move to the upside, getting closer to each other. Still, the golden cross is on hold, considering that there is a difference between lines which needs to be crossed.
With prevailing selling orders, there is an increased probability that the ETH will start the week ahead by trying to test a short term support line at $1.520 for one more time. At this moment, there is no clear indication that this line might be breached. On the opposite side, there is some probability that the recent highest level at $1.670 might be tested again.
