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ETH has hit the key support level at $2,500, and the market already reacted with a rally on smaller timeframes. Can bulls sustain this?
Key Support levels: $2,500, $2,200
Key Resistance levels: $2,800, $3,000
The correction appears to have ended, at least in the short term, with the price touching the key support at $2,500. Now there is a worthy attempt to go higher towards the key resistance at $2,800. After closing in red for six consecutive days, ETH may finally have a green one.
Technical Indicators
Trading Volume: Today’s volume is rather weak. If the reversal is to be trusted, then the volume has to go up too.
RSI: The daily RSI is curving up after making a lower low. The question is if the price can move above 50 points where it will face resistance.
MACD: The daily MACD histogram is showing a loss of momentum on the seller’s side. This is encouraging, and ETH may attempt a short rally towards $2,800 soon.
Bias
The current bias for ETH is neutral. If ETH closes today’s candle in green, then buyers may have reasons to celebrate soon.
Short-Term Price Prediction for ETH
The cryptocurrency appears to be at the end of its correction, and a relief rally seems likely. The critical support at $2,500 was successfully tested, and the price may move higher from here. The resistance at $2,800 is the biggest obstacle at this time.
Cryptocurrency charts by TradingView.