- Key Support: $3,738
- Key Resistances: $4,000, $4,435, $4,868 (ATH)
After a few days sustaining above the key $4,000 level, ETH broke below it. This could be due to insufficient momentum to sustain the price above this level. As mentioned, recent price movement is followed by low trading volume.
Current support is found at $3,738 and is likely to be retested if the bulls fail to regain the upper hand soon.
ETH/USDT Daily Chart | Source: TradingView
Table of Contents
Technical Indicators
Volume: Trading volume at the beginning of this week was very low and the bears took advantage. The drop was driven by new volume, which is a bearish signal.
RSI: The daily RSI is also declining and staying below 50, showing that the bears are in control of the price action.
MACD: The daily MACD is rising but has lost momentum. Histogram and MACD line could soon turn bearish if the current downtrend is continued.
ETH/USDT Daily Chart | Source: TradingView
Prospects
The trend of ETH at the moment is down.
ETH’s inability to hold above $4,000 could encourage sellers to push ETH to the current support of $3,738. ETH is unlikely to see an early rally; therefore, the best outlook is for the price to hold above the critical support as the bulls gather their forces.
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
Theo Cryptopotato
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