Analysis

ETH stops climbing at $3,200, which is the key support to watch

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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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.

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