by 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.
Technical Indicators
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.
Bias
ETH’s current bias is somewhat bullish, unless ETH faces rejection at $2800 soon.
Read More: What Are CryptoPunks and Why Are They So Expensive? 2022
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.
