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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