Ethereum Price Analysis: ETH Collapses to $2.5K, Where to Next?

Key Support levels: $2,500, $2,200

Key Resistance levels: $2,800, $3,000

The correction appears to have ended, at least in the short term, with the price touching the key support at $2,500. Now there is a worthy attempt to go higher towards the key resistance at $2,800. After closing in red for six consecutive days, ETH may finally have a green one.

Chart by TradingView

Technical Indicators

Trading Volume: Today’s volume is rather weak. If the reversal is to be trusted, then the volume has to go up too.

RSI: The daily RSI is curving up after making a lower low. The question is if the price can move above 50 points where it will face resistance.

MACD: The daily MACD histogram is showing a loss of momentum on the seller’s side. This is encouraging, and ETH may attempt a short rally towards $2,800 soon.

Chart by TradingView

Bias

The current bias for ETH is neutral. If ETH closes today’s candle in green, then buyers may have reasons to celebrate soon.

Short-Term Price Prediction for ETH

The cryptocurrency appears to be at the end of its correction, and a relief rally seems likely. The critical support at $2,500 was successfully tested, and the price may move higher from here. The resistance at $2,800 is the biggest obstacle at this time.

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