ETH fights with critical support, collapse can lead to a renewed test of $ 3500

ETH fights with critical support, collapse can lead to a renewed test of $ 3500

The failure of Ethereum (Eth) to break through the all -time high of $ 4,380, quickly pushed the price back into the support area. Despite the correction, the ETH seems to be able to fall much deeper if the short -term downward moment stops.

key support level: $ 4,000, $ 3,500

key resistance level: $ 4.380

Ethereum is currently testing the critical level of support at around $ 4,000. If the level is not kept, ETH can fall to the next level of support of around 3,500

On Thursday, Ethereum found strong rejection after a failed attempt to break the aTH level defined in May. The failure of the break led to an immediate slump down. This led to a bear -wick of a red candle.

Another problem for the bulls is the option of a double-top formation. This attitude is Bärisch as in the textbook and occurs when the asset does not break the same maximum in a row.

Technical price indicators of ETH

trade volume : Ethereum's volume has decreased since the ETH price was rejected by the ATH resistance on Thursday. This indicates that the bulls have lost interest and that the bears are currently in control of the price.

rsi: The RSI curves up in the daily time frame, which indicates that this correction could continue further down. However, it is still too early for a decision, since the medium and long-term momentum is still very bullish.

macd: The histogram forms lower maximum stalls in the daily time frame. This is a warning sign that the positive trend can reverse at short notice. However, the sliding average of the MacD are still permanently positioned on the interest bully side and a possible declining cross seems to be a long way.

bias

The tendency remains at ETH Bullisch, as long as the price is over $ 4,000, there are still a few hours until the end of the daily and weekly candle (midnight utc). Even if the ETH drops to $ 3,500, the larger upward trend remains intact and such a correction would be an expected withdrawal after the first attempt by the ETH to break through the ATH set in May.

short -term price forecast for ETH

The price of Ethereum approaches the tip of a triangular formation, as can be seen in the charts above (marked blue). Therefore, a break will soon be expected on both sides.

The bulls are struggling to keep the price over $ 4,000 during the upcoming week of the week; However, the pressure is growing from the bears that want to lower ETH towards $ 3,500. At the moment it is unlikely that ETH can fall below $ 3,500, since the interest in ETH remains high and is expected that it will break through its all -time high in the fourth quarter of this year, similar to Bitcoin.

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