Chart by TradingView
Key Support levels: $2,500, $2,330
Key Resistance levels: $2,800, $3,000
The first key resistance for ETH will be at $2,800. In the past, this level was never really difficult for buyers to overtake. If this is once again the case, then the biggest challenge for ETH is the $3,000 resistance. So far, the support at $2,500 was well-defended, and ETH managed to rally over 10% after touching it.
Trading Volume: The volume is rather low for such a move. Therefore, it’s important to remain vigilant.
RSI: The daily RSI made a higher low and is now moving above 50 points. It is important for the RSI to also make a higher high. Otherwise, this most recent move may reverse.
MACD: The daily MACD remains bearish, but the histogram is making higher lows, and a possible crossover to the positive side is likely if the bullish momentum maintains.
The bias for ETH is neutral. ETH would turn bullish if it manages to break above $3,000.
ETH has succeeded in making another higher low on the price chart after the bounce from $2,500. This is a bullish signal. So long as this is maintained, the cryptocurrency has a good chance of challenging the key resistance.
