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.
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
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
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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