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Monday, April 24, 2023

Ether: testing lower grounds

Ether: testing lower grounds

Ethereum / U.S. dollar BITSTAMP:ETHUSD

General negative market sentiment imposed by the testimony of SEC Chair Gensler, made an impact on the crypto market. The market entered into a general price correction, after a very good period during the last month, and especially from the beginning of this year. The price of ETH continues to be supported by the latest Shanghai hard fork, which is currently reflected in the futures prices for this coin. Short term spot price correction was in line with general market sentiment. During the previous week, ETH price was pushed from $2.1K down to $1.830. Still, as of the end of the week buying orders emerged, which is positive for the coin.

Two weeks ago, the RSI indicator reached a clear overbought side of the market, which was an indication that a short reversal is coming. It occurred during the previous week, when RSI broke the 50 level, and headed toward the oversold side. Still, the indicator is ending the week around level of 45. On a positive side is that the moving average of 50 days continues to diverge from its MA200 counterpart, still supporting the Golden cross.

Emerging buying orders as of the weekend point that the price of ETH might be supported during the week ahead. It is currently testing a $1.850 support line. There is some probability that the price might oscillate around this level in the week ahead, reaching lower grounds at $1.8K. On the opposite side, there is lower probability that $2K might be tested again, however, levels below $2K might be easily reached.



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