Key Support Levels: $3,000, $2,805 Key Resistance Levels: $3,400, $3,750 ETH’s price action has been somewhat reserved as it reached $3,000 with no strong conviction to move higher. Despite buyers’ hesitation, the cryptocurrency continued to climb to $3,235 on Bitstamp today. The $3,000 level turned into support and the next key resistance is found at $3,400. Chart by TradingView Technical Indicators Trading Volume: While the price rose, the volume fell. If the overall market turns bearish or falls back, ETH appears weak and could fall back below $3,000. RSI: The daily RSI has risen to 60 points, making it on the bullish side. The buyers must maintain this level or else ETH will be vulnerable to selling pressure. MACD: While the daily MACD is bullish, the histogram confirms a loss of momentum. If the histogram shows a lower high, it’s best to take that as a warning. This can be quickly cleared if buyers intervene. Chart by TradingView Bias The current preference for ETH is bullish. However, ETH appears weak with declining volume and losing momentum. The $3,400 resistance may be difficult to pass for that reason. Short Term Price Prediction for ETH Even if the ETH is above $3,000, this latest price action could quickly reverse as selling pressure mounts. The loss of momentum and low volume is a concern. Nevertheless, the current market favors bulls, and ETH can benefit from that. Should the price continue to rise from here, the next key resistance will be found at $3,400.
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