Will It Break $2,800 Or Fall To $1,500?

• Ethereum has been stuck between $2,100 and $2,800, with low momentum and uncertain near-term direction.
• Key support at $2,260 and resistance at $2,800 could determine ETH next big move above $3,000.
• Weakening bullish signals from RSI and MACD suggest ETH could fall toward $1,500 if it breaks $1,688.

In the last two weeks, Ethereum (ETH) has remained within a narrow price range, making it uncertain what will happen in the near future. Analyst Daan Crypto Trades pointed out that there is little momentum and that Ethereum is resembling Bitcoin and the whole crypto market which are all moving sideways. 

Source: X

The main levels of support and resistance in ETH have been set at $2,100 and $2,800. While trading in this range, Ethereum’s value is strongly affected by the general sentiment in the crypto market. According to Coinglass, Open Interest for ETH has climbed 5.07% and is now valued at $31.16 billion. On the other hand, the amount of trading has fallen by 25.07%, reaching $96.12 billion. A decrease in volume points to less confidence in the market.

Source: Coinglass

Ethereum’s Price Action

The upcoming movement in Ethereum’s price is expected to be determined by whether the token can continue to trade above $2,260. If ETH climbs above the level of $2,800, it might continue rising. Once the price surpasses $3,000, it could be a crucial limit for the market and the next major barrier is seen at $3,250. If Ethereum does not maintain its support above $2,110, it could drop more severely.

Technical tools for ETH are showing conflicting signs at this time. According to the RSI and Stochastic Oscillator, bullish energy has eased slightly. In the meantime, the MACD line is nearing its moving average, and the histogram bars are just about to show negative results. A situation where Ethereum’s price is below the moving average may point to a fall in the price.

Source: TradingView

Critical Support Levels

If the price of Ethereum drops below $1,688 on the daily chart, it would weaken the bullish argument and might lead to $1,500. As a result, market perceptions might change and allow the trend to move lower. Now that ETH is at crucial points, how it reacts during the next few days will influence its short-term movement.

Currently, traders should keep a close eye on the way the price moves. For ETH price to rise, it has to overcome its current range and return to former support points. It will become clear in the coming days if ETH price keeps rising or dips significantly.

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