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.

ETHUSD_2022-02-10_16-36-39
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.

ETHUSD_2022-02-10_16-36-54
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.

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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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Cryptocurrency charts by TradingView.


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