Monday , December 23 2024
Home / Crypto news / Ethereum Price Analysis: ETH Rejected at $2.8K, Here’s the Key Support

Ethereum Price Analysis: ETH Rejected at $2.8K, Here’s the Key Support

Summary:
Key Support levels: ,550, ,200 Key Resistance levels: ,800, ,000 Despite a worthy attempt by ETH to move higher, the sellers stood firm at the ,800 resistance, which rejected the price and propelled it into a pullback. The buyers will have to defend the support at ,500 to avoid further losses as the next key support is found at ,200. So long the current support holds, this can be an expected pullback after a 30% rally. Chart by TradingViewTechnical Indicators Trading Volume: Despite the fall in price, the selling volume has been weak. This gives bulls a good chance to defend ETH at ,500. RSI: After making a higher high, the RSI has turned down due to the rejection at resistance. Nevertheless, this pullback could be temporary, particularly if the RSI makes a

Topics:
Duo Nine considers the following as important: , , ,

This could be interesting, too:

CryptoVizArt writes Ethereum Price Analysis: Following a 15% Weekly Crash, What’s Next for ETH?

Mandy Williams writes BTC at 0K, ETH to K, and More: Here’s VanEck’s Top Crypto Predictions for 2025

Jordan Lyanchev writes Bitcoin, Ethereum ETF Streak Continues With Massive Net Inflows: Weekly Recap

CryptoVizArt writes ETH Seems Primed to Take Down K After Recent Rebound: Ethereum Price Analysis

Key Support levels: $2,550, $2,200

Key Resistance levels: $2,800, $3,000

Despite a worthy attempt by ETH to move higher, the sellers stood firm at the $2,800 resistance, which rejected the price and propelled it into a pullback.

The buyers will have to defend the support at $2,500 to avoid further losses as the next key support is found at $2,200. So long the current support holds, this can be an expected pullback after a 30% rally.

ETHUSD_2022-02-03_13-29-35
Chart by TradingView

Technical Indicators

Trading Volume: Despite the fall in price, the selling volume has been weak. This gives bulls a good chance to defend ETH at $2,500.

RSI: After making a higher high, the RSI has turned down due to the rejection at resistance. Nevertheless, this pullback could be temporary, particularly if the RSI makes a higher low.

MACD: The daily MACD remains bullish even if the histogram has made a lower high. Bears have to push ETH under $2,500 to seriously challenge the latest price increase.

ETHUSD_2022-02-03_13-30-18
Chart by TradingView

Bias

The current bias for ETH is neutral. The strength of buyers faded as the price approached $2,800. Thus, ETH may consolidate in a range before a new trend emerges.

Short-Term Price Prediction for ETH

ETH failed to break the key resistance at $2,800 and has been falling back towards the key support at $2,500. Considering the volume profile, the sellers may not be too interested in pushing prices much lower. For this reason, the cryptocurrency may consolidate in this range between the key levels.

About Duo Nine

Leave a Reply

Your email address will not be published. Required fields are marked *