Chart by TradingView
Key Support levels: $2,500, $2,330
Key Resistance levels: $3,000, $3,400
ETH reached $2,987 (Bitstamp) on Friday and was unable to move higher as the key resistance at $3,000 has so far stopped buyers from advancing further. This puts ETH in a large price range between the key resistance and support at $2,500.
Trading Volume: The volume continues to decline on an aggregate basis and is making lower highs since the year started. This is a bearish signal.
RSI: The daily RSI has remained around the 50 points mid-area and appears unable to move away from this range.
MACD: The daily MACD is bullish, but in the past few weeks, the price action, as well as the MACD, remained rather flat. This is a lack-of-trend scenario that requires caution.
The bias for ETH is neutral. It has to break away from its current price range to change this.
ETH has so far failed to rally above $3,000 and turn this key resistance into support. For this reason, bears may still attempt another test of the support at $2,500. Looking at the current price action, the cryptocurrency lacks the momentum and conviction to move higher.
