October 5, 2022

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

2 min read

ETH had seen a difficult weekend so far, unable to move far from the important assistance at $2.5 K. The total crypto market sentiment is a little bearish after Bitcoin got dramatically declined below $40K.

Secret Support levels: $2,560, $2,330

Secret Resistance levels: $2,800, $3,000

Because ETH got rejected at the $3,000 resistance level, the rate rapidly dropped towards the crucial assistance at $2.5 K. The latter was the day-to-day low in the past three days – – Friday, Saturday, and Sunday.

So far the crucial support level held well and purchasers handled to step in and prevent an additional drop. Nevertheless, in case of a breakdown, we can anticipate ETH to quickly reach the next major support at $2.3 K, which is February’s low.

ETHUSD_2022-03-06_16-54-33
Chart by TradingView Technical Indicators Trading Volume: The volume almost vanished over the weekend. ETH saw a huge decrease in between Wednesday and Friday; nevertheless, the volume wasn’t significant. RSI: The daily RSI made a lower high which is a bearish pattern. If the rate continues to decline, the RSI will likely make a lower low as well, something that would put ETH in a clear bearish trend.

MACD: The day-to-day MACD simply did a bearish crossover today. This is bad news for bulls and might expect more losses in rate in the coming week.

ETHUSD_2022-03-06_16-54-05
Chart by TradingView Predisposition The bias for ETH is neutral, as long as the essential

support at$ 2,500 holds. Short-Term Price Prediction for ETH

ETH is looking weak, and the rate action on Monday will be definitive on how the coming week will be for the second-largest cryptocurrency. If ETH stops working to hold at the crucial assistance, it can quickly be up to $2,300 or even lower.