ETH has been hovering around $3,300 for the past few days, unable to break above this key level. However, several bullish signals can break this deadlock.
Key Support levels: $3,000, $2,750
Key Resistance levels: $3,600, $4,000
ETH is consolidating and so far was unable to move higher towards the key resistance at $3,600. The weekend is unlikely to help the cryptocurrency as volume is usually low. ETH has good support at $3,000, and there are several signals that we could expect a higher price soon.
Technical indicators
Trading volume: Low volume on weekends as usual. The rally from $3,000 was on sustained volume and this showed that bulls are capable of coming back when price is attractive.
RSI: The daily RSI completed a bullish divergence during the downtrend, and the price rallied from $3,000 to $3,300. However, buyers lost some of the momentum which may return next week.
MACD: The daily MACD made a bullish crossover today. This brings optimism and hope that the bulls could turn their attention to ETH again early next week and attempt a rally towards the key resistance at $3,600. For now, this is a good sign that could push ETH higher soon.
Bias
The bias for ETH is neutral. There are some early bullish signals, but the momentum is not there yet for ETH to move higher.
Short term price prediction for ETH
Over the weekend, ETH is much more likely to consolidate around current levels, as volatility is unlikely to rise. However, come the new week, and things could change quickly.
