Analysis

ETH is up 17% this week, this is the next key level to watch out for

Major support levels: $3,000, $2,805
Key resistance levels: $3,400, $3,750

Although volume fell as the price rose, ETH continued to perform well this week, surging significantly.

A key resistance level stands at $3,400 and the cryptocurrency appears poised to test this level before a significant pullback. The $3,000 support has held well and could be tested again if ETH is rejected at a key resistance level.

ETH/USDT daily chart | Source: TradingView

Technical indicators

Volume: Volume continues to decrease even as prices increase. This is a bearish signal and it could occur if the price hits a key resistance level.

RSI: The daily RSI has hit 62 and looks like it is trending down. The bounce from the oversold zone is very strong and a retracement is likely in the near future.

MACD: Even though the MACD is rising, the histogram has been flat for the past few days. This signals a loss of bullish momentum. It is best to be cautious when the price is approaching a key resistance area.

ETH/USDT daily chart | Source: TradingView

Perspectives

The current trend of ETH is bullish. It is important to keep an eye on the key resistance as a rejection there could lead to a larger correction.

Short term prediction

It looks like ETH will retest the $3,400 resistance. Once you get there, it’s important to keep a close eye on the price action.

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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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.