Key Support levels: $3,000, $2,750
Key Resistance levels: $3,300, $3,600, $4,000
The last three days brought a lot of fear in the market, and ETH’s price started falling towards the $3,000 support level. The market is now at a critical junction, and in the case of ETH, a break below this key support would be catastrophic for bulls. The previous level at $3,300 is now acting as resistance.
The next few days will be decisive.
Trading Volume: The volume on this most recent drop was high. This shows that bears are having a feast, and the fear in the market has been increasing with each passing day. Since ETH is now close to the key support, it is likely that bulls will make a stand here.
RSI: After escaping from the oversold area last week, ETH failed to rally, and now the daily RSI is falling yet again towards the oversold area under 30 points. If the bulls fail to defend the key support, then the RSI will fall lower.
MACD: After the daily MACD completed a bullish cross, the price could not sustain the bullish momentum and the histogram is making lower highs. A bearish crossover could be next if buyers don’t stop the assault.
The bias for ETH is currently bearish. However, it’s also important to consider that the bulls might try to make a stand at the key support level.
Short-Term Price Prediction for ETH
ETH has had a difficult week after falling almost 10%. The key support at $3,000 is really the last line of defense that can maintain optimism in the overall market. If the buyers fail to keep the price above it, then the cryptocurrency might fall much lower.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.