On Saturday, bulls made another attempt to push the ETH price above ,000 with no success. After ETH had broken below K, the latter turned into the main question for deciding Ethereum’s short-term future. Key Support levels: ,700 Key Resistance levels: ,000, ,435, ,868 (ATH) ETH is attempting to stop the downtrend and curved up above the support at ,700, creating long wicks to the downside over the past week (this shows that there is demand at lower levels). Yesterday, ETH tried to pierce through the ,000 support turned resistance, but this attempt was quickly rejected. The recent price actions shows an eagerness to return above ,000, which remains the key level for ETH. Chart by TradingViewTechnical Indicators Trading Volume: Volume has remained constant.
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On Saturday, bulls made another attempt to push the ETH price above $4,000 with no success. After ETH had broken below $4K, the latter turned into the main question for deciding Ethereum’s short-term future.
Key Support levels: $3,700
Key Resistance levels: $4,000, $4,435, $4,868 (ATH)
ETH is attempting to stop the downtrend and curved up above the support at $3,700, creating long wicks to the downside over the past week (this shows that there is demand at lower levels).
Yesterday, ETH tried to pierce through the $4,000 support turned resistance, but this attempt was quickly rejected. The recent price actions shows an eagerness to return above $4,000, which remains the key level for ETH.
Technical Indicators
Trading Volume: Volume has remained constant. This may be “the calm before the storm” and might signal a huge price move (to either side).
RSI: The daily RSI is flat, but did manage to make a higher low last week. However, the bullish momentum is simply not there to succeed in making a significant move out of the current consolidation area.
MACD: The daily MACD is curving up and the histogram is making higher lows. If this is maintained in the coming week, then MACD may perform a bullish crossover. This can be delayed if ETH is sharply rejected again by the $4,000 key resistance.
Bias
The bias for ETH is neutral. Neither the buyers or sellers have the upper hand, thus ETH found an equilibrium just above $3,700.
Short-Term Price Prediction for ETH
ETH appears to be in a crux, or amid a decision point. The resolution of the current price action will likely lead to a violent explosion in volume as ETH breaks away from the current support or resistance consolidation levels. Until that happens, expect to see ETH just around the $4,000 mark.