Consolidated ETH, is correction before 4000 $ crack?

Consolidated ETH, is correction before 4000 $ crack?

key support levels: $ 3,600

key resistance level: $ 3,900

Over the weekend, the second largest cryptocurrency has consolidated just below the current resistance span of $ 3,900.

however, Bitcoin, before the ETH tries to break through its current all-time high of $ 4,380, could test the important level of support, as shown in the following ETH/USD graphic. In the event of a new test to confirm the level of $ 3600 as support, the price of ETH could exceed $ 4,000 before the end of the month. However, this makes this invalid.

indicators

trade volume: Due to the weekend, the trading volume has decreased in the last two days; That is typical. However, observe the price development on Monday, in particular the expected volatility in connection with the possible trade start of Bitcoins ETF, which will probably affect the other cryptocurrencies.

rsi: The RSI remains bullish in the daily time frame. However, the RSI is declining on the 4-hour time frame, which could support the idea of a short-term withdrawal to the level of support mentioned above.

macd: similar to the RSI, the MACD has declined in the 4-hour time frame. This increases the tendency that ETH can test its support again before another price increase can be expected.

bias

Therefore, we could expect a sweater or correction at short notice. As already mentioned, Monday can determine how the ETH will behave for the rest of the coming week.

short -term price forecast for ETH/USD

It is expected that the current consolidation in the price range of $ 3,600 to $ 3,900 will continue before trying to break through the all-time high. A clear test of the support may be necessary so that the bulls have enough self -confidence to press the ETH price to over $ 4,000.

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