- $228 is once again the level to watch ahead of Ethereum’s weekly close.
- This area has provided adequate support for ETH since the beginning of June.
- With a new week ahead, and like Bitcoin, there is a 50:50 chance it could go either way for Ethereum in the crypto markets.
Another weekly close is a few hours away for Ethereum and the entire cryptocurrency spectrum. The last one week has been uneventful for ETH as its price has oscillated between $240 and $218. In the last five days or so, Ethereum has once again relied on the strong support zone of $228.
A Bag of Mixed Signals from Ethereum at the Charts
Checking the daily ETH/USDT chart courtesy of Tradingview.com, the following is observed.
- The 50-day (white) moving average is providing adequate support for Ethereum around the $218 area.
- Ethereum’s current price at $229 is above the 50-day, 100-day and 200-day moving averages further indicating that ETH still has some bullishness to be confident about.
- However, trade volume has reduced and is in the red further pointing towards a bearish scenario in the coming week.
- MACD is providing mixed signals as its histograms indic ate a reduction of selling whereas the moving averages are indicating a downtrend.
- On the other hand, the MFI is low at 37 indicating slight bullishness.
- The same short term supports are still valid: $225, $219, $214, $210, $205 and $200.
- In terms of short term resistances, they