ETH might retest the $3,000 support
- Major support levels: $3,000, $2,750
- Key Resistance: $3,600
ETH has been trading in a tight range between $3,200 – $3,400 for the past few days. That uncertainty has resolved to the downside today. This could prompt ETH to retest the $3,000 support.
Volume: Volume is up today but this time the bears have the upper hand as they push the price below the minor support at $3,200.
RSI: The daily RSI failed to make higher highs and the recent decline speaks for a bearish case. If buyers don’t intervene, ETH can fall back to the critical $3,000 support.
MACD: The daily MACD is rising but lacks the momentum to push the price higher. If this continues, the bears could take over again.
ETH/USDT daily chart | Source: TradingView
Short term outlook
The price action and the indicator suggest that while the medium-term outlook is neutral, the short-term is tilted down. As a result, ETH could retest the critical support at $3,000.
Hourly ETH/USDT chart | Source: TradingView
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