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.

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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.