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

Key Support levels: $3,000, $2,805 

Key Resistance levels: $3,400, $3,750

Despite a decreasing volume as the price goes up, ETH continued to perform well this week and increased substantially. The key resistance sits at $3,400, and the cryptocurrency appears ready to test this level before any significant pullback. The support at $3,000 has held well and may be revisited if ETH is rejected at the key resistance.

Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to decrease, even as the price moves higher. This is a bearish signal and may materialize once the price hits the key resistance.

RSI: The daily RSI has hit 62 points and appears to curve down. The increase from the oversold area was very sharp and a pullback becomes likely in the near future.

MACD: Even if the MACD is bullish, the histogram has turned flat in the last few days. This signals a loss of bullish momentum. Best to be cautious as we approach the key resistance.

Chart by TradingView

Bias

The current bias for ETH is bullish. It’s important to monitor the key resistance as a rejection there could lead to a significant correction.

Short-Term Price Prediction for ETH

At the time of this writing, it seems more likely for ETH to test $3.4K rather than not. Once it’s there, it’s important to monitor the price action closely.

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