Main levels of support: $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 key resistance at $2,800. The Bulls have the last chance to defend there. If they fail, the next key support is found at $2,200. The $3,000 level has turned into resistance and it seems unlikely that buyers will 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.
IRS: The daily RSI is hovering around 47 points and is not showing a strong trend at the moment. Market participants are waiting to see if the $2,800 support will halt 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 has lost momentum and it is up to the buyers to defend the key support at $2,800. A miss 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.
