Key Support levels: $2,805, $2,200
Key Resistance levels: $3,000, $3,400
ETH failed to sustain the rally and broke the uptrend, with prices now falling to the key resistance at $2,800. Bulls have the last chance to defend there. If they fail, then the next key support is found at $2,200. The $3,000 level has turned into resistance and buyers seem unlikely to have the momentum to push the cryptocurrency back above it.
Technical Indicators
Trading Volume: The volume has disappeared, and the action showed it. There was no buying pressure to sustain the rally, and the price quickly turned around.
RSI: The daily RSI is hovering around 47 points and does not show any strong trend at this time. Market participants are waiting to see if the $2,800 support will stop the current correction.
MACD: Despite a bullish MACD, the histogram and moving averages are quickly approaching a possible bearish cross. If that takes place, it will be hard to see ETH rally again soon.
Bias
The current bias for ETH is neutral. The cryptocurrency lost momentum, and it is up to the buyers to defend the key support at $2,800. Failure here and ETH would turn bearish.
Short-Term Price Prediction for ETH
If the key support holds, then ETH may attempt another rally above $3,000. However, for that to happen, the price has to stop declining and consolidate above the level. The next few days will be decisive for ETH.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/ethereum-price-analysis-as-eth-lost-3k-heres-the-next-critical-support/