It was another round of selling orders for ETH, so the coin continued its moves to the downside. Psychological line at $2K is now too far away, while the coin is struggling to maintain $1K in value. Whether the bottom-line has been reached is to be seen in the coming days when markets calm down after the latest strong downtrend.
During the Monday trading the coin has been pushed from the level of support line at $1.4K down to $1.1K. This level was maintained for a few days while a final push to the down side has been made as of the weekend and FED's rate decision. ETH is ending the week modestly above the level of $900. At this level buying orders are emerging, but still they are mixed with selling ones. This indicates that the bottom line might still come. RSI is moving around level of 14, which is strongly in the oversold area, moving there during the whole week. Moving average of 50 days continues to diverge from MA200, where both lines have downtrend.
At current moment, it is essential to allow markets to calm down at new level. For ETH, a level of $900 might be the one, but technical indicators are still unclear so it might take one or two additional days, until they pick up the latest strong moves to the downside and point to a clearer picture. RSI is showing high potential for short term reversal, but it should not be expected that the price of ETH could go too much higher from current levels. Resistance at $1K might be tested in the coming period. In case that price is pushed further to the downside, there is some probability that $800 might be a level to watch.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
During the Monday trading the coin has been pushed from the level of support line at $1.4K down to $1.1K. This level was maintained for a few days while a final push to the down side has been made as of the weekend and FED's rate decision. ETH is ending the week modestly above the level of $900. At this level buying orders are emerging, but still they are mixed with selling ones. This indicates that the bottom line might still come. RSI is moving around level of 14, which is strongly in the oversold area, moving there during the whole week. Moving average of 50 days continues to diverge from MA200, where both lines have downtrend.
At current moment, it is essential to allow markets to calm down at new level. For ETH, a level of $900 might be the one, but technical indicators are still unclear so it might take one or two additional days, until they pick up the latest strong moves to the downside and point to a clearer picture. RSI is showing high potential for short term reversal, but it should not be expected that the price of ETH could go too much higher from current levels. Resistance at $1K might be tested in the coming period. In case that price is pushed further to the downside, there is some probability that $800 might be a level to watch.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
