Key Support levels: $4,000
Key resistance levels: $4.350, $4868 (ATH).
ETH did not see any significant gains during the week, as bears resisted all attempts to rally the price and managed to get it back to the $4,000 level on a few occasions.
This price action suggests that bulls are not ready to push beyond the $4,350 resistance and that bears seem to be in control of momentum for the near term. Bulls should be cautious about potential downward movements until $4,350 becomes support.
Chart by TradingView
Trade Volume: In anticipation of a major breakout, the volume is declining. Previous attempts to break through the key resistance level had been made on low volumes, which is why bears failed to accept such attempts.
RSI: Daily RSI has reached higher lows. Although this is somewhat bullish, it’s too early to be excited as the price could go any direction.
MACD: The MACD is bearish for the daily timeframe. Moving averages and histogram continue to fall. As of now, there is no sign of a reversal. The MACD is flat on shorter time frames, which suggests a consolidation period prior to the next big move.
Chart by TradingView
The bias for ETH remains neutral. The bulls will have a great chance of regaining control if the price remains above $4,000 They will be in a serious disadvantage if they drop below this critical level.
Forecast of ETH’s Short-Term Prices
Ethereum’s consolidation could continue, which would keep the price at $4,000. The price has not moved above the key resistance level, despite the fact that it is flat and volume are low, which shows that the bulls don’t have the power to push ETH higher. It’s possible that volatility will increase in the coming weekdays, so it is important to be cautious.
Marla Brooks – Financial Analysis
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