December 6, 2022

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

1 min read

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.

ETHUSD_2022-02-10_16-36-39

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.

ETHUSD_2022-02-10_16-36-54
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.