As ETH Lost $3K, Here’s the Next Critical Support


Key Support levels: $2,805, $2,200

Key Resistance levels: $3,000, $3,400

ETH failed to sustain the rally and broke the uptrend, with prices now falling to the key resistance at $2,800. Bulls have the last chance to defend there. If they fail, then the next key support is found at $2,200. The $3,000 level has turned into resistance and buyers seem unlikely to have the momentum to push the cryptocurrency back above it.

ETHUSD_2022-02-14_14-45-04
Chart by TradingView

Technical Indicators

Trading Volume: The volume has disappeared, and the action showed it. There was no buying pressure to sustain the rally, and the price quickly turned around.

RSI: The daily RSI is hovering around 47 points and does not show any strong trend at this time. Market participants are waiting to see if the $2,800 support will stop the current correction.

MACD: Despite a bullish MACD, the histogram and moving averages are quickly approaching a possible bearish cross. If that takes place, it will be hard to see ETH rally again soon.

ETHUSD_2022-02-14_14-44-49
Chart by TradingView

Bias

The current bias for ETH is neutral. The cryptocurrency lost momentum, and it is up to the buyers to defend the key support at $2,800. Failure here and ETH would turn bearish.

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Short-Term Price Prediction for ETH

If the key support holds, then ETH may attempt another rally above $3,000. However, for that to happen, the price has to stop declining and consolidate above the level. The next few days will be decisive for ETH.

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Cryptocurrency charts by TradingView.


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