Chart by TradingView
Key Support levels: $3,000, $2,805
Key Resistance levels: $3,200, $3,400
ETH’s rally from yesterday came to an abrupt stop when the price failed to move above $3,200. Now, the cryptocurrency is falling back towards the support at $3,000. Should that fail to stop the correction, then ETH has a good support at $2,800.
Trading Volume: The volume today was disappointing and almost four times lower than yesterday when ETH’s price increased by 9%.
RSI: The daily RSI made a lower high and is falling.
MACD: The daily MACD remains bullish but shares a similar pattern with the RSI, whereby it made a lower high on the histogram.
The current bias for ETH is neutral. Price seems to be stuck between two key levels – the $3,400 resistance and $2,800 support.
If ETH stops the correction at $3,000, then the price has a good chance to resume its uptrend and challenge the key resistance. Otherwise, failure to hold at this key support could take ETH back to $2,800, which should provide a good defense from further declines.
