Main levels of support: $3,000, $2,750
Key Resistance Levels: $3,600, $4,000
ETH is in what looks like a relief rally after confirming support at $3,000. It broke above $3,300 and is now consolidating as traders take advantage. If the rally continues, the cryptocurrency faces key resistance at $3,600 that may test this momentum.
Technical Indicators
Trading Volume: The volume on the way up since ETH confirmed the key support was good. Today’s volume is lagging behind, which also explains why the price lost some of the momentum. Buyers need to return if ETH is to continue higher.
IRS: The bullish divergence on the daily RSI helped the price retrace the uptrend. So far, the RSI has failed to reach a higher high, which would be an important sign to reverse the downward trend.
MACD: The daily MACD is curving back up nicely, but a bullish crossover is still a few days away. Buyers need to maintain the pressure if ETH is to go higher.
bias
The bias for ETH is neutral. Despite the bullish price action, it is too early to be positive in the medium term.
Short-Term Price Prediction for ETH
The current positive market sentiment may not last as the larger medium-term trend remains bearish with lower lows and lower highs. If ETH is able to move above $4,000, then the downtrend would be over. Until then, it’s important to stay vigilant.
