After settling towards $2300, ETH became short-term bullish after the uncertainty surrounding the Russia – Ukraine conflict subsided. Over the last few days, both crypto and global markets have soared.
ETH is currently testing the $2800 key resistance level as of this writing.
Key Support levels: $2500, $2300.
Key Resistance Levels: $2800, 3000
ETH is looking forward to surpassing the $2800 key level, and turning it into support in near future. If successful, ETH is likely to move even higher. The next levels to be watched are $3,000, and $3,400.
We must remember that this is Sunday (weekend), and volume is still low despite the price movement. This should be a warning sign. It is better to wait until the new week starts.
Trading Volume Despite Thursday’s remarkable reversal and the recent price rise, this weekend has seen low volumes. A decrease in volume and an increase in price is usually a bearish sign of a declining trend.
RSI The daily RSI is just shy of moving above 50 points. Moreover, the RSI made a lower low on Thursday’s reversal. These are bullish signals.
MACD – The daily MACD is just hours away from a bullish cross. This would indicate that ETH could continue its rally if confirmed.
ETH’s current bias is somewhat bullish, unless ETH faces rejection at $2800 soon.
Forecast of ETH’s Short-Term Prices
ETH is becoming short-term bullish and proving to be in high demand below $2800. The one thing that is worrying is the low volume at weekends, which could be a sign of a price rise. ETH appears to be well-placed to test the $3,000 mark in the near future, assuming $2800 support.