Main levels of support: $3,000, $2,805
Key Resistance Levels: $3,400, $3,750
Despite diminishing volume as the price rises, ETH continued to perform well this week and rose significantly. Key resistance sits at $3,400 and the cryptocurrency looks set to test this level ahead of any significant pullback. The support at $3,000 has held up well and could be revisited if ETH is rejected at key resistance.
Technical Indicators
Trading Volume: The volume continues to decrease, even as the price moves higher. This is a bearish signal and may materialize once the price hits the key resistance.
IRS: The daily RSI has reached 62 points and seems to be curving lower. The rise from the oversold zone has been very strong and a pullback becomes likely in the near future.
MACD: Even if the MACD is bullish, the histogram has turned flat in the last few days. This signals a loss of bullish momentum. Best to be cautious as we approach the key resistance.
bias
The current bias for ETH is bullish. It is important to watch the key resistance as a rejection could lead to a significant correction.
Short-Term Price Prediction for ETH
At the time of this writing, it seems more likely for ETH to test $3.4K rather than not. Once it’s there, it’s important to monitor the price action closely.
