Main levels of support: $2,200, $1,900.
Key Resistance Levels: $2,550, $3,000
Yesterday’s excitement in the market was short-lived. ETH rallied to $2,700 but quickly fell back below key resistance at $2,550. For this reason, it is reasonable to assume that this was a false out and until key resistance is confirmed as support, it is too early to confirm a breakout. Support stands at $2,200.
Technical Indicators
Trading Volume: The volume on the most recent rally was good. It seems unlikely for ETH to fall much lower at this time, considering buyers are back.
IRS: During the crash, the daily RSI rose to nearly 21 points, falling deep into the oversold zone. Now the RSI sits at 28 points and is about to leave it. This is good news for buyers and could pave the way for a possible price breakout.
MACD: The daily MACD is curving back up at a fast rate, as indicated by the histogram. If a positive crossover can take place in the coming week, then ETH has a good chance to enter a sustained relief rally.
bias
The current bias for ETH is currently neutral. Price action indicates that a balance has been reached between market forces, with sellers unable to drive prices much lower.
Short-Term Price Prediction for ETH
If ETH is able to break the key resistance at $2,550 again and make it support, then a sustained relief rally could take the cryptocurrency higher. Should ETH fail to rally, then the key support at $2,200 has proven resilient in the face of sellers.
