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Monday, April 17, 2023

Ether: milestone reached

Ether: milestone reached

Ethereum / U.S. dollar BITSTAMP:ETHUSD

It was another very good week for ETH. Shanghai fork was successfully implemented, which pushed the price to the higher grounds and above the psychological level of $2K. Although many analysts were concerned that the majority of holders of staked ETH`s might start selling their coins, as soon as they became available for them for free use, still it did not happen. Instead, ETH reached its highest weekly level at $2.1K, ending the week above $2K. Although the charts for ETH look very positive in the short term, still, the futures market has some concerns, as ETH futures curve took an inverted path for one more time.

Recent strong push in price impact for RSI to finally reach the overbought side of the market. After the level of 75 has been reached, it could be expected that short term reversal might occur in the coming period. Moving average of 50 days continued with its divergence from MA200 counterpart, further confirming the Golden cross, which occurred some time ago.

Looking historically, the level of $2K was always a psychological line for ETH. As this line is again reached, there is high probability that the coin will continue to struggle to sustain this level. RSI reached a clear overbought side, which might trigger some short term reversal in the coming days. Still, it should not be expected some significant move to the downside, but rather until levels around $1.9K eventually till support line at $1.850. However, if $2K withholds the pressure, then $2.1K resistance might be tested again, with lower probability that $2.3K as a next resistance might be tested in a week ahead.

from TradingView Ideas

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