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- The price of Ethereum maintained the momentum of the hard range last week to trade at $ 3,200.
- A correction is underway, Ether is eagerly awaiting the next support at $ 2,800.
Ethereum has been on the investor favorites list since last week. Ethereum London’s hard fork put Ethereum back on the global map as it grabbed the headlines, with an upgrade that will see gas fees reduced and the protocol paving the way for the implementation of the ETH 2.0.
The gigantic smart contract token rushed above $ 2,800, a level of resistance that initially kept the bulls from gaining ground. As investor appetite for the ether increased over the weekend, the price surpassed $ 3,000. Ethereum then hit $ 3,200 for the first time since May.
Ethereum price hits reverse button
Ethereum is in the middle of a retreat after suffering a rejection at $ 3,200. As price skyrocketed last week, holders were anticipating a breakout to $ 4,000 and possibly a retest of the all-time high. Meanwhile, Ether slipped below $ 3,000 amid a seemingly strong correction.
It should be mentioned that if the bears increase their positions, air pressure will intensify, pushing Ethereum towards the next provisional support at $ 2,800. Note that the Relative Strength Index (RSI) on the daily chart emphasizes the likelihood of sellers to stay in control.
ETH / USD daily chart
According to the Moving Average Convergence Divergence Indicator (MACD), buyers are in control relatively well. However, if they do not regain full control in the short term, a sell signal will likely emerge. Therefore, the support at $ 2,800 remains crucial for the resumption of the uptrend and prevents more losses towards $ 2,400.
On the upside, higher support, preferably above $ 2,900, could allow the bulls to take control as soon as possible. Additionally, recovering the ground above $ 3,000 will most likely result in massive gains, as investors turn their attention to $ 3,600 and $ 4,000, respectively.
Ethereum Intraday Levels
Spot rate: $ 2,952
Trend: bearish
Volatility: low
Resistance: $ 3,200
Support: $ 2,800
Warning
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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