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It is consolidating in a triangle pattern with its lower highs and higher lows. Price has just bounced off the top and looks for a test of support.
The 100 SMA is currently above the long-term 200 SMA to confirm that the path of the least resistance is to the upside. In other words, support is more likely to break than to hold. The 100 SMA also appears as a dynamic support as well.
But the oscillator is closing in on the overbought zone to reflect exhaustion. RSI is cruising sideways to reflect consolidation, which may have been carried out as an etherium.
Cryptocurrencies had to go on in the previous week. Reports that ICO profit-taking over the past weeks
I know how to be there no major catalysts on the ethereum front, but it's worth noting that its co-founder has invested $ 6.5 million in a venture by its former competitor. Joe Lubin reportedly struck a partnership with DrumG, which is a startup formed by several senior executives from R3.
Other than that, ethereum could take from the rest of its cryptocurrency peers, should there be any big updates for the week. SEC decision on bitcoins ETF applications, although the actual decision date has been pushed back to a longer period. The launch of ICE bitcoin futures is also seen to be a bullish catalyst for the industry, although most of the action could be concentrated on bitcoin.
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