• Major support levels: $3,000, $2,750
• Key Resistance: $3,600

ETH has been trading in a tight range between $3,200 – $3,400 for the past few days. That uncertainty has resolved to the downside today. This could prompt ETH to retest the $3,000 support.

Technical indicators

Volume: Volume is up today but this time the bears have the upper hand as they push the price below the minor support at $3,200.

RSI: The daily RSI failed to make higher highs and the recent decline speaks for a bearish case. If buyers don’t intervene, ETH can fall back to the critical $3,000 support.

MACD: The daily MACD is rising but lacks the momentum to push the price higher. If this continues, the bears could take over again.

ETH/USDT daily chart | Source: TradingView

Short term outlook

The price action and the indicator suggest that while the medium-term outlook is neutral, the short-term is tilted down. As a result, ETH could retest the critical support at $3,000.

Hourly ETH/USDT chart | Source: TradingView

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