ETH has hit the critical support at $2,500 and the market is starting a rally on shorter timeframes. Can the cops keep this up?

• Major support levels: $2,500, $2,200
• Major Resistances: $2,800, $3,000

The correction appears to be over, at least in the short term, as the price touches the critical support at $2,500.

Now the bulls can attack the critical resistance at $2,800. After closing in the red for six consecutive days, ETH was finally able to print in the green.

Source: TradingView

Technical indicators

Trading Volume: Today’s volume is pretty weak. For the trend reversal to be credible, volume must also increase.

RSI: The daily RSI is rising after making a lower low. The question is whether the RSI will be rejected at 50 if it reappears.

MACD: The histogram of the MACD shows a loss of momentum for the sellers. This is encouraging and ETH could start a brief rally towards $2,800 soon.

 Source: TradingView

Perspectives

The current trend of ETH is neutral. If ETH closes the candle in the green today, buyers will have cause for celebration.

Short term price prediction

The cryptocurrency seems to be at the end of a correction and a recovery rally could happen soon. The critical support at $2,500 has been successfully tested and the price could move higher from here. The $2,800 resistance is the main hurdle right now.

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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