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ETH rejected at $2.8K, here’s the key support

Key Support Levels: $2,550, $2,200 Key Resistance Levels: $2,800, $3,000 Despite a dignified attempt by ETH to move higher, the sellers held out at the $2,800 resistance, which rejected the price and drove it into a pullback. Buyers will have to defend the USD 2,500 support to avoid further losses as the next key support is found at USD 2,200. As long as current support continues, this could be an expected pullback after a 30% rally. Chart by TradingView Technical Indicators Trading Volume: Despite the price drop, the sales volume was weak. This gives bulls a good chance to defend ETH at $2,500. RSI: After making a higher high, the RSI has been rejected due to the rejection at resistance. Nevertheless, this pullback could be temporary, especially if the RSI makes a higher low. MACD: The daily MACD remains bullish even if the histogram has made a lower high. Bears need to push ETH below USD 2,500 to seriously challenge the latest price surge. Chart by TradingView Bias The current bias for ETH is neutral. The power of buyers faded as the price approached $2,800. Thus, ETH may consolidate into a range before a new trend emerges. Short term price forecast for ETH ETH failed to break the key USD 2,800 resistance and has fallen back to the key USD 2,500 support. Given the volume profile, sellers may not be interested in pushing prices much lower. For this reason, the cryptocurrency can consolidate in this range between the key levels. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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