Key Support levels: $3,000, $2,805
Key Resistance levels: $3,400, $3,750
Despite a decreasing volume as the price goes up, ETH continued to perform well this week and increased substantially. The key resistance sits at $3,400, and the cryptocurrency appears ready to test this level before any significant pullback. The support at $3,000 has held well and may be revisited if ETH is rejected at the key resistance.
Technical Indicators
Trading Volume: The volume continues to decrease, even as the price moves higher. This is a bearish signal and may materialize once the price hits the key resistance.
RSI: The daily RSI has hit 62 points and appears to curve down. The increase from the oversold area was very sharp and a pullback becomes likely in the near future.
MACD: Even if the MACD is bullish, the histogram has turned flat in the last few days. This signals a loss of bullish momentum. Best to be cautious as we approach the key resistance.
Bias
The current bias for ETH is bullish. It’s important to monitor the key resistance as a rejection there could lead to a significant correction.
Short-Term Price Prediction for ETH
At the time of this writing, it seems more likely for ETH to test $3.4K rather than not. Once it’s there, it’s important to monitor the price action closely.
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-following-17-weekly-surge-eth-eyes-this-level-next/