Chart by TradingView
Key Support levels: $2,500, $2,300
Key Resistance levels: $3,000, $3,400
After a rally in which ETH increased by almost 18% in two days, the resistance at $3,000 has put a brake on this momentum. The price failed to move higher and may enter a short pullback towards $2,800 or $2,500 which should act as support.
Trading Volume: The volume has been falling during this most recent rally, which puts some doubt on a potential continuation.
RSI: The daily RSI is at 55 points but now is curving back down. Should ETH fail to break the key resistance, then the RSI will confirm a lower high, which is a bearish indicator.
MACD: The daily MACD is bullish, and should ETH suffer a mild correction, this will likely not be sufficient to change the current bias.
The bias for ETH is bullish in the short term, but the price has to move above $3,000 soon. Otherwise, the sentiment might change.
ETH is keen to move higher, but the resistance at $3,000 is well defended by sellers. Unless this level is turned into support, the cryptocurrency will not be able to continue further.
