ETH was not able to pull off breaking below the 640-dollar level to devise a double-bottom formation on the hourly chart. The 740-dollar neckline is yet to be tested by the price, and in case of its higher break, it could incite a comeback of the same scale as the chart formation.
The position of 100 SMA being lower than the long-term 200 SMA illustrates that the easiest way is to downside after the unsuccessful upward crossover prior to that. Moreover, the SMAs appear to be holding as active resistance.
RSI’s upward movement is about to indicate that purchasers have a major advantage. Nevertheless, the oscillator is reaching levels of overpurchasing, which can be explained as possible exhaustion of bullish pressure in the upcoming future and signify the comeback of the sellers. If it happens, then the community might see yet another bottom testing.
The returning thirst for risks has brought to some assistance for such digital currencies as ETH during latest sessions, but there is still ambiguity in the market. Italy and political issues occurring there might end up damaging worldwide markets as European stocks already felt the impact.
More than that, reappearing trading battles can also prevent gains for Ethereum, being a risky asset. Insufficiency of assuring news in the cryptoindustry and the continuous investigations of the South Korean digital currency exchange are also dampening the market.