Ethereum Price Analysis: ETH Bulls Stopped at $3.2K, Here’s the Closest Support to Consider

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

Key Resistance levels: $3,200, $3,400

ETH’s rally from yesterday came to an abrupt stop when the price failed to move above $3,200. Now, the cryptocurrency is falling back towards the support at $3,000. Should that fail to stop the correction, then ETH has a good support at $2,800.

Technical Indicators

Trading Volume: The volume today was disappointing and almost four times lower than yesterday when ETH’s price increased by 9%.

RSI: The daily RSI made a lower high and is falling.

MACD: The daily MACD remains bullish but shares a similar pattern with the RSI, whereby it made a lower high on the histogram.

Bias

The current bias for ETH is neutral. Price seems to be stuck between two key levels – the $3,400 resistance and $2,800 support.

Short-Term Price Prediction for ETH

If ETH stops the correction at $3,000, then the price has a good chance to resume its uptrend and challenge the key resistance. Otherwise, failure to hold at this key support could take ETH back to $2,800, which should provide a good defense from further declines.