Main levels of support: $2,200, $1,900.
Key Resistance Levels: $2,550, $3,000
ETH rebounded 10% after hitting the $2,200 support level yesterday. Now, the cryptocurrency is heading towards the critical resistance at $2,550, where the price was previously rejected. If it manages to break above this level and turn it into support, it has a good chance of going higher and recouping some of the more recent losses.
Technical Indicators
Trading Volume: The volume has been high in the past few days and favored the sellers. However, as ETH has reached oversold conditions, the immediate trend may change and put ETH back on the uptrend.
IRS: The daily RSI is in the oversold zone at 26 points. It is likely to exit this extreme position as soon as ETH attempts a relief rally.
MACD: While the daily MACD is bearish, the histogram today has made a higher low. If this is maintained, then ETH may reverse course soon and attempt to break the key resistance.
bias
The bias for ETH is currently bearish. As the indicators remain bearish, a reversal becomes likely. A break of the key resistance would confirm this and change the bias.
Short-Term Price Prediction for ETH
The most probable scenario right now is for ETH to attempt a break of the key resistance at $2,550. If successful, then it can enter a sustained rally towards $3,000. If the price is rejected again by the resistance, then the key support at $2,200 should provide a good defense.
