ETH is showing some bullish signals for consolidation

ETH has been hovering around $3,300 for several days and failed to surpass this critical level. However, there are some bullish signals that could break this impasse.

• Major support levels: $3,000, $2,750
• Key resistance levels: $3,600, $4,000

ETH is consolidating and so far has failed to rally against the critical resistance at $3,600.

The weekend is unlikely to help the cryptocurrency advance to these levels as volumes tend to be low. ETH has good support at $3,000 and there are some signs that we can expect ETH to price higher soon.

 Source: TradingView

Technical indicators

Trading Volume: Volume has been maintained since the price recovered from $3,000. This shows that the bulls may reverse once the price becomes attractive.

RSI: The daily RSI has formed a bullish divergence that usually precedes trend reversals. Furthermore, it re-entered the 30 mark and set a higher low, a signal that selling pressure has eased.

MACD: The daily MACD has formed a bullish cross and is sloping up. Support the continuation of the recovery momentum.

Source: TradingView

Perspectives

Alignment with ETH is neutral. There are some early bullish signals, but there is no impetus for ETH to move higher just yet.

Short term price prediction

By the end of the week, ETH is more likely to consolidate around current levels as volatility is unlikely to increase. However, the continuation of the post-rally consolidation is a good signal for the bulls. This could lead to a major breakout next week.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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