This is ETH’s next key support after a $3,000 loss
After several attempts to sustain the price above $3,000, ETH bulls finally gave up and the price returned to the critical $2,800 support.
- Major support levels: $2,805, $2,200
- Key resistance levels: $3,000, $3,400
ETH failed to maintain its bullish momentum as it breached the uptrend line and fell to the critical support at $2,800.
The bulls are currently attempting to defend this support. If they fail, the next key support will be found at $2,200. The $3,000 level has become resistance and buyers appear to have no incentive to push the cryptocurrency back above it.
Source: TradingView
Technical indicators
Volume: The volume is gone and the price action reflects that. There was no buying pressure to maintain the bullish momentum and the price quickly reversed.
RSI: The daily RSI is hovering around 47 and does not indicate the direction in which price will move. Market participants are waiting to see if the $2,800 support level will stop the current bearish momentum.
MACD: Although the MACD is rising, the histogram is falling and its moving averages are preparing to form a bearish cross. If true, ETH is unlikely to rally in the short term.
Source: TradingView
Perspectives
The current trend of ETH is neutral. The cryptocurrency has lost momentum and defending the critical support at $2,800 is crucial. Losing this level will result in ETH turning bearish.
Short term price prediction
If the critical support holds, ETH could start another rally to $3,000. However, it is difficult for the price to exceed this level.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Author
Analysis
This is ETH’s next key support after a $3,000 loss
After several attempts to sustain the price above $3,000, ETH bulls finally gave up and the price returned to the critical $2,800 support.
- Major support levels: $2,805, $2,200
- Key resistance levels: $3,000, $3,400
ETH failed to maintain its bullish momentum as it breached the uptrend line and fell to the critical support at $2,800.
The bulls are currently attempting to defend this support. If they fail, the next key support will be found at $2,200. The $3,000 level has become resistance and buyers appear to have no incentive to push the cryptocurrency back above it.
Source: TradingView
Technical indicators
Volume: The volume is gone and the price action reflects that. There was no buying pressure to maintain the bullish momentum and the price quickly reversed.
RSI: The daily RSI is hovering around 47 and does not indicate the direction in which price will move. Market participants are waiting to see if the $2,800 support level will stop the current bearish momentum.
MACD: Although the MACD is rising, the histogram is falling and its moving averages are preparing to form a bearish cross. If true, ETH is unlikely to rally in the short term.
Source: TradingView
Perspectives
The current trend of ETH is neutral. The cryptocurrency has lost momentum and defending the critical support at $2,800 is crucial. Losing this level will result in ETH turning bearish.
Short term price prediction
If the critical support holds, ETH could start another rally to $3,000. However, it is difficult for the price to exceed this level.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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