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.
Chart by TradingView
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.
Chart by TradingView
The current bias for ETH is neutral. If ETH closes today’s candle in green, then buyers may have reasons to celebrate soon.
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.
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