- Key Assistance: $ 3,738
- Key Resistors: $ 4,000, $ 4,435, $ 4,868 (ATH)
After a few days that stayed above the important $ 4,000 mark, the ETH collapsed below it. This could be due to insufficient momentum to keep the price above this level. As mentioned earlier, the recent price movement is followed by low trading volume.
Current support is at $ 3,738 and is likely to be retested unless the bulls regain the upper hand soon.
ETH / USDT Daily Chart | Source: TradingView
Technical indicators
Volume: The trading volume earlier this week was very low and the bears benefited from it. The decline was driven by the new volume, which is a bearish signal.
RSI: The daily RSI is also bearish and stays below 50, showing that the bears are in control of price action.
MACD: The daily MACD is increasing but has lost momentum. The histogram and MACD line could soon turn bearish if the current downtrend continues.
ETH / USDT Daily Chart | Source: TradingView
Perspectives
The trend at ETH is currently downward.
ETH’s inability to hold above $ 4,000 could encourage sellers to push ETH to the current $ 3,738 support. It is unlikely that ETH will see an early rally; Therefore, the best chance for the course to stay above critical support when the bulls join forces.
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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