ETH managed to climb to the next key resistance level at $2,800. So far, since hitting a bottom of $2160 a week ago, the price of Ethereum had seen a massive 30% rise. Key support levels: $2,550, $2,200 Key resistance levels: $2,805, $3,000 ETH closed in the green for the past five days, reaching key resistance at $2,805 (20-day moving average). Now the price is consolidating just below this key level in anticipation of another attempt to break above it – in case bullish sentiment persists. If successful, ETH would be on a clear path to reach $3,000. On the downside, the $2,550 support has held up well yesterday’s retest (confirmed as support). Chart by TradingView Technical Indicators Trading Volume: Decent amount of volume on this latest move higher. The main resistance is to pressure the price to set its direction in the next short term. RSI: Good news for Taurus as the daily RSI has finally made a higher high. This is very important as it breaks the downtrend that started in November and could be the start of a major bullish reversal. MACD: The daily MACD has been bullish for over three days and the momentum is favorable for buyers right now. If ETH can break through the main resistance, expect a continuation of this rally. Chart by TradingView Bias The current preference for ETH is bullish. We will need to keep a close eye on the key USD 2800 and $3,000 resistance levels as these will set price action for the remainder of the week. Short term price prediction for ETH ETH appears well positioned to break the critical resistance at USD 2,800 as indicators have turned bullish. Nevertheless, buyers should patiently wait for a breakout to be confirmed with a successful resistance retest as support. 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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