Image default
Ethereum Price

Ethereum Price Analysis: 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 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.

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.

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.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

Related posts

Ethereum Price Analysis: ETH Facing Critical Support Ahead of the New Week

Over 1.2 Million Ethereum Transactions Failed in May

Cardano Price Analysis: ADA Unable to Escape Trading Range, Will $0.5 Break?

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.