ETH failed to break the key level at $3,200 and now the price appears to be correcting. Here is the closest support to consider.

• Major support levels: $3,000, $2,805
• Key resistance levels: $3,200, $3,400

ETH’s rally yesterday came to an abrupt end when the price failed to break above $3,200. Now the cryptocurrency is falling back to the $3,000 support. If this level fails to prevent a correction, will have nice support at $2,800.

 Source: TradingView

Technical indicators

Volume: Today’s trading volume is disappointing and almost four times lower than yesterday when ETH price surged 9%.

RSI: The daily RSI has made a lower high and is declining.

MACD: The daily MACD is still bullish but is sharing the same pattern as the RSI, causing it to form a lower high on the histogram.

 Source: TradingView

Perspectives

The current trend of ETH is neutral. The price seems stuck between two key levels – the $3,400 resistance and the $2,800 support.

Short term price prediction

If ETH stops the correction at $3,000, the price has a good chance to resume the uptrend and challenge the key resistance. Otherwise, a failure to hold this support could send ETH back towards $2,800 where the bulls are operating.

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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