Key Support levels: $2,500, $2,200
Key Resistance levels: $2,800, $3,000
The correction appears to have ended, at least in the short term, with the price touching the key support at $2,500. Now there is a worthy attempt to go higher towards the key resistance at $2,800. After closing in red for six consecutive days, ETH may finally have a green one.
Technical indicators
Trading volume: Today’s volume is rather low. If the reversal is trustworthy, the volume should also increase.
RSI: The daily RSI is curving up after making a lower low. The question is if the price can move above 50 points where it will face resistance.
MACD: The daily MACD histogram shows a loss of momentum on the selling side. This is encouraging, and ETH may soon attempt a short rally towards $2,800.
Bias
The current bias for ETH is neutral. If ETH closes today’s candle in green, then buyers may have reasons to celebrate soon.
Short term price prediction for ETH
The cryptocurrency appears to be at the end of its correction, and a relief rally seems likely. The critical support at $2,500 has been successfully tested and the price may rise from here. The resistance at $2,800 is the biggest hurdle right now.
