Market

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.

Technical indicators

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.