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.
Trading volume: Volume up since ETH confirmed key support was good. Today’s volume is lagging which is also why the price has lost some of its momentum. Buyers need to come back if ETH is to continue rising.
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 recovering nicely, but a bullish crossover is still a few days away. Buyers need to keep the pressure on if ETH is to rise.
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 medium term trend remains bearish with lower lows and lower highs. If ETH is able to break above $4,000, the downtrend would be over. Until then, it is important to remain vigilant.
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Cryptocurrency charts by TradingView.