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.

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.

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.