Key Support levels: $2,500, $2,300
Key Resistance levels: $3,000, $3,400
After a rally in which ETH increased by almost 18% in two days, the resistance at $3,000 has put a brake on this momentum. The price failed to move higher and may enter a short pullback towards $2,800 or $2,500 which should act as support.
Technical Indicators
Trading Volume: The volume has been falling during this most recent rally, which puts some doubt on a potential continuation.
RSI: The daily RSI is at 55 points but now is curving back down. Should ETH fail to break the key resistance, then the RSI will confirm a lower high, which is a bearish indicator.
MACD: The daily MACD is bullish, and should ETH suffer a mild correction, this will likely not be sufficient to change the current bias.
Bias
The bias for ETH is bullish in the short term, but the price has to move above $3,000 soon. Otherwise, the sentiment might change.
Short-Term Price Prediction for ETH
ETH is keen to move higher, but the resistance at $3,000 is well defended by sellers. Unless this level is turned into support, the cryptocurrency will not be able to continue further.
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