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Monday, March 20, 2023

Ether: tricky path

Ether: tricky path

Ethereum / U.S. dollar BITSTAMP:ETHUSD

Although it was a very good week for the crypto market, still, it was quite a tricky path. Namely, as banks in the US and Switzerland are having extremely tight moments, a high level of deposits was moved from banks to the crypto market. This emergency move is implying a question if current crypto levels are sustainable in the long run?

Previous week ETH started around $1.460, and the coin swiftly found its way up to the highest weekly level at $1.850 the resistance line. Still, the coin is ending the week around $1.760. Interestingly, the RSI did not manage to reach the clear overbought side of the market, which leaves some space to ETH for a move to the higher grounds. MA50 continued to diverge from its MA200 counterpart, supporting further the Golden cross that occurred a few weeks ago.

Considering that it is still unclear whether new deposits will continue to flow from banks to the crypto market, the timing of the short reversal cannot be exactly predicted, but it could be only an option for the week ahead. In this sense, the level of $1.700 might be tested. This is a tricky time where technical analysis could not provide directions with a higher certainty.



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