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ETH Bears in Control with Sub-$1,850 in Play on SEC Appeal Chatter
ETH's week got off to a gloomy start. Buyer interest is still being tested by investor anxiety over the SEC's intentions to appeal the SEC v. Ripple Court decision.
On Sunday, Ethereum (ETH) increased by 1.29%. ETH lost 1.37% on Saturday but gained 1.77% at the end of the week to close at $1,890. ETH ended the day at less than $1,900 for the sixth session in a row despite the positive day.
Bitcoin Price Movement
ETH was down 0.66% to $1,877 this morning. ETH rose to an early high of $1,891 before dropping to a low of $1,877 during the day's range-bound opening.
Daily Chart
The Daily Chart revealed that ETH was below the top of the support range between $1,895 and $1,865. On Sunday, resistance at $1,850 prevented further decline.
ETH sent strong short-term and long-term price signals by maintaining above the 50-day ($1,874) and 200-day ($1,777) EMAs. Notably, the bullish trend was confirmed when the 50-day EMA separated from the 200-day EMA.
The 14-Daily RSI's value of 48.20 indicated a mildly bearish perspective, suggesting that the price might fall through the 50-day EMA ($1,874) and approach levels below $1,850. If ETH drops below $1,850, bears would attack the $1,815–$1,795 support range. The bulls would then have a run at $1,950 if ETH were to move through the upper band of the $1,865–1,895 support area.
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