ETH fell below $ 4,000 for a brief period on Thursday before rebounding sharply. However, the danger still lurks as price has to break through an important level of resistance.
Major support level: $ 4,000- $ 3,850.
Major Resistance Levels: $ 4,350 – $ 4,868 (ATH) – $ 5,075.
ETH is currently hovering around the key resistance at USD 4,350 and the price has failed to close above that level in the past 5 days.
If it doesn’t break through, ETH is likely to fall further to retest the critical support at USD 4,000 (September high) defended by bulls on Thursday, with the markets as a whole and ETH facing a pivotal moment, the the price promotion for the rest of the month.
Volume: High volume was also seen after the price collapsed below $ 4,000 and during the rebound that immediately followed. The equilibrium of market forces lies at this critical support level.
RSI: The RSI is decreasing on the daily and 4-hour timeframes. Unless the bulls push ETH price above the critical resistance at $ 4,350 (daily and weekly closings), the RSI is unlikely to turn bullish anytime soon.
MACD: The MACD in the daily timeframe remains pessimistic. The strong appearance of bulls in the all-important support area is helping the MACD histogram hit higher lows, but it’s too early to get upset. Until the MACD moving averages form a bullish cross, the trend will remain bearish.
Due to the current price movement and the technical indicators, the trend for ETH is declining for a short time. However, if the bulls continue to defend the critical support at $ 4,000, the trend will change.
Short term price forecast for ETH
Three days ago, ETH had a moment of weakness but rebounded strongly and outperformed Bitcoin (ETH / BTC).
Currently the price is trying to move above the critical resistance at $ 4,350. If that doesn’t succeed, ETH is expected to test $ 4,000 again in the coming days. The longer the price stays above this important support, the greater the chances for the bulls to regain control of price action with a new ATH forecast around the mid-$ 5,000 region.
You can see the ETH price Here.
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According to Cryptopotato