Critical Support for ETH ahead of the New Week

ETH had a hard weekend so far and could not move away from the $2.5K critical support. After Bitcoin was sharply rejected below $40K, the overall sentiment in crypto markets is somewhat bearish.

Key Support levels: $2,560, $2,330

Key Resistance Levels: $2,800, $3,000.

The $3,000 resistance level was rejected by Ethereum, and the price fell quickly to $2.5K. The latter was the daily low in the past three days – Friday, Saturday, and Sunday.

So far, the key support level has been held firm and buyers were able to prevent another drop. However, in case of a breakdown, we can expect ETH to quickly reach the next major support at $2.3K, which is February’s low.

Technical Indicators

Trading Volume:Over the weekend, almost all of the volume was gone. ETH saw a massive decrease between Wednesday and Friday; however, the volume wasn’t significant.

RSI: The daily RSI reached a lower high, which is a bearish trend. If the price continues its decline, the RSI would likely make a lower lowest, placing ETH in a clearly bearish trend.

MACD: Today’s bearish crossover in the daily MACD. This is bad news to bulls, and could lead to further price declines in the next week.

Bias

The bias for ETH (ETH) is neutralSo long as $2,500 of the key support remains in force, you can do so.

Forecast of ETH’s Short-Term Prices

ETH is showing weakness. The price action Monday will decide how the week unfolds for the second largest cryptocurrency. If ETH fails the key support, it may easily fall as low as $2,300, or even lower.

Get latest news from African Startup ecosystem

Latest stories

You might also like...