December 6, 2022

Ethereum Price Analysis: Following 17% Weekly Surge, ETH Eyes This Level Next

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Key Support levels: $3,000, $2,805

Key Resistance levels: $3,400, $3,750

In spite of a reducing volume as the price increases, ETH continued to perform well today and increased significantly. The crucial resistance sits at $3,400, and the cryptocurrency appears all set to test this level prior to any substantial pullback. The assistance at $3,000 has held well and might be reviewed if ETH is rejected at the crucial resistance.


Chart by TradingView Technical Indicators Trading Volume: The volume continues to reduce, even as the rate moves greater. This is a bearish signal and may materialize as soon as the rate hits the crucial resistance. RSI: The day-to-day RSI has hit 62 points and appears to curve down. The boost from the oversold area was very sharp and a pullback ends up being likely in the future.

MACD: Even if the MACD is bullish, the histogram has turned flat in the last couple of days. This signifies a loss of bullish momentum. Best to be careful as we approach the essential resistance.

Chart by TradingView Predisposition The existing predisposition for ETH is bullish. It’s important to keep track of the essential resistance as a rejection there could result in a substantial correction.

Short-Term Price Prediction for ETH

At the time of this writing, it appears most likely for ETH to evaluate $3.4 K instead of not. Once it’s there, it’s crucial to monitor the cost action carefully.