Following a bit of a rough weekend, most crypto assets still attempt to recover lost value. That is much easier said than done. The Ethereum price may be able to note some solid gains this week, however.
Ethereum Price Wants to Move up
A near $43 decline in value for Ethereum is a pretty big deal. All of these losses are incurred by Bitcoin, which decided to shed about $500 in value over the course of the weekend. Recovering from such a market onslaught will take time, yet none of the overall uptrends have been broken in a definitive manner.
With nearly $14 billion in trading volume, Ethereum remains a very liquid market. All top trading pairs are ETH/USDT, but it will be crucial to keep an eye on ETH/BTC as well. There is still a lot of uneasy market momentum to contend with.
ETH/USDT Technical Indicators
Bollinger Bands: The ETH/USDT BBs remain wide open, indicating that accumulation is not on the agenda just yet. The red candles are not full-body either, as the wicks are growing pretty long. There will still be some downward pressure for the foreseeable future, although the volatility can easily allow for better momentum.
Moving Averages: Despite a few bearish days, the MA20 is still moving up slightly. The same applies to the MA50, which crossed the MA200 overnight. That is usually a sign of the overall bullish trend, albeit it is still too early to draw big conclusions.
RSI: The ETH/USDT RSI is angling down steeply. That is to be expected once the momentum sours significantly. This current trend seems to confirm that today may not yield any big recovery either, and the $250 level may come under a lot of pressure.
Fibonacci Retracements (ETH/USD): Despite successfully passing the 61.8% Fib without much resistance, pushing through to the next level is impossible. The following retrace also confirms that the 61.8% Fib is not a support level at this time. For now, the 50% Fib will need to act as a cushion near $239.58, but it will be tested severely in the coming hours.
Resistance Levels: In terms of Fibonacci Retracements, the resistance sits at $268.99. That level may not be reached for a little while to come. In terms of short-term support, the current $249 level remains contentious. The same goes for $252 and $258.83. Should the uptrend resume, $280.08 may come into play at some point.
ETH/BTC Technical Indicators
Bollinger Bands: The ETH/BTC BBs are wide open as well. This will result in ample volatility and overall liquidity to go around. With the red candles slowly growing, it seems unlikely that any chance in momentum will occur. One exception is if and when Bitcoin's momentum turns around again.
Moving Averages: The MA20 keeps moving up, as does the MA50. Interestingly enough, the MA50 for ETH/BTC has also performed a bullish crossover with the MA200. Very interesting momentum for the future, but for now, the outlook remains pretty bearish.
RSI: The RSI for ETH/BTC has dropped off significantly in the past few days. That is only normal, as the overall market momentum has shifted for the worse. The RSI will seemingly drop even further in the coming few hours, potentially pushing the value below 0.0255 BTC in the process.
Resistance Levels: It appears that 0.02565344 BTC will be the first resistance hurdle to overcome. There will also be some pushback near 0.02616300 BTC in the near future. Finding a support level is somewhat difficult, as the markets are too volatile to find any stable ground.
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