After a turbulent week on the crypto and financial markets, the previous week was a sort of expected slowdown for the uptrend in prices. Market insecurity is still very high, and this time the banking sector is driving this insecurity, with a lot of depositors thinking where is a safe place for their funds. ETH reached a new highest yearly level at $1.850, but that was a moment of market exhaustion, when the coin reverted a bit, finishing the week around $1.740.
Regardless of new highest levels reached during the previous week, RSI did not manage to clearly reach the overbought side. Instead, the indicator went to the highest level of 65 and reverted as of the weekend to the down side and level of 55. The level of 50 has still not been breached, which indicates that the market is still oriented toward the overbought side. Moving average of 50 days continued its divergence from its MA200 counterpart, still supporting further the Golden cross occurred a few weeks ago.
Charts are showing that ETH entered into short term correction. In this sense, the first stop of ETH might be the support line at $1.7K which could be tested in the coming days. There is also some indication that $1.650 might be tested shortly, but with lower probability at this moment. On the opposite side, the resistance line at $1.850 might be tested for one more time.
Regardless of new highest levels reached during the previous week, RSI did not manage to clearly reach the overbought side. Instead, the indicator went to the highest level of 65 and reverted as of the weekend to the down side and level of 55. The level of 50 has still not been breached, which indicates that the market is still oriented toward the overbought side. Moving average of 50 days continued its divergence from its MA200 counterpart, still supporting further the Golden cross occurred a few weeks ago.
Charts are showing that ETH entered into short term correction. In this sense, the first stop of ETH might be the support line at $1.7K which could be tested in the coming days. There is also some indication that $1.650 might be tested shortly, but with lower probability at this moment. On the opposite side, the resistance line at $1.850 might be tested for one more time.
