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Huge Move Expected As ETH Retests the $4K Key Level

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ETH briefly dipped below $4,000 as bulls are struggling to maintain the key price over the past few days.

Key Support levels: $4000, $3850

Key Resistance levels: $4566, $4868 (ATH)

ETH was rejected by the $4,566 resistance level on Thursday and was quickly pushed down by the bears towards the key support at $4,000. On December 10, ETH’s price slipped below this key support, however, the bulls were able to get the price back above the level the day after.

At the time of this writing, ETH is struggling to remain above $4,000. Since volume during the weekends is usually low, it is unlikely for the ETH price to produce a significant price move. However, this can rapidly change on Monday, and especially following the recent volatility of Bitcoin.

Chart by TradingView

Technical Indicators

Trading Volume: As for a typical weekend, the volume has been low, and ETH remains very close to the critical support level, consolidating around the $4K price area.

RSI: The RSI has become flat in the past month due to the absence of a clear trend or direction. For this reason, the RSI can go either way, and a big move can be expected once volatility returns.

MACD: The daily MACD remains bearish. Both the moving averages and histogram are falling and there are no signs of a reversal yet.

Chart by TradingView

Bias

The bias for ETH in the short term is neutral. Once volatility returns during the weekdays, the bias can quickly change depending on the price action.

Short-Term Price Prediction for ETH

The fact that bulls nearly lost the battle at the key support level does not inspire confidence as once volume and volatility return. $4,000 looks pretty fragile. If the level breaks, then the next support will be around Thursday’s low at $3850. For this reason, it is best to be cautious and avoid taking a position until the price action makes a decisive move.

 

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Cryptocurrency charts by TradingView.

Credit: Source link

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