By | January 11, 2022


Key Assist ranges: $3K – $2750

Key Resistance ranges: $3,300 – $3,600

ETH’s downtrend is at the moment taking a break, with costs pausing simply above $3,000. The sellers appear unable to push the cryptocurrency decrease after the most recent try yesterday briefly took the worth to $2,926 (Bitstamp) earlier than it recovered again above the important thing help.

The resistance is discovered at $3,300 and seems fairly far-off on the time of this submit. Earlier than consumers have the arrogance to place ETH on the uptrend, the important thing help stage has to show reliable.

Chart by TradingView

Technical Indicators

Buying and selling Quantity: There was a spike in quantity yesterday when ETH’s value fell below $3,000 for a brief interval. Nonetheless, as quickly as the worth fell below these key ranges, consumers rushed in, pushing ETH again above the help. This value motion and quantity profile point out that ETH has discovered a neighborhood backside at this key psychological stage.

RSI: The every day RSI has reached 26 factors in the course of the selloff final week (oversold space), and the most recent try from yesterday to push ETH decrease made a better low on the RSI at 28 factors. This reveals {that a} bullish divergence could also be forming.

MACD: The every day MACD additionally displays the RSI whereby the histogram is making larger lows regardless of being on the bearish aspect. That is encouraging and should point out a aid rally could take kind sooner or later.

ETHUSD_2022-01-11_12-51-21
Chart by TradingView

Bias

The bias for ETH is impartial. It’s unlikely at the moment that ETH will fall decrease. As an alternative, a aid rally seems potential in direction of the important thing resistance at $3,300.

Quick-Time period Value Prediction for ETH

The value has reached a pivotal stage contemplating the quantity profile of the previous few days and the truth that ETH has managed to take care of a value above $3,000 regardless of a number of makes an attempt on the opposite. If final week was characterised by a sustained selloff, this week would be the probability for ETH to return on the uptrend and try a aid rally in direction of the important thing resistance.

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Cryptocurrency charts by TradingView.

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