Ethereum Price Dips Below $2,950 After Brief Rebound, Eyes on $3,050 Resistance Zone
- ETH is trading near $2,940 range after a brief recovery, with support at $2,925 and resistance at $2,975
- On the upside, reclaiming $3,000 to $3,050 is crucial for bullish momentum
Ethereum, the world’s second-largest cryptocurrency, began a small upward move and crossed above $3,000 yesterday after a prolonged downturn, but it couldn’t sustain that momentum and failed near $3,048. Now, ETH is trading below the $2,950 range.
(Source: CMC)
Ethereum Attempts A Rebound, But The Price Dips Again
According to CMC data, yesterday, ETH started to rebound, gradually moving up from $2,928, then crossing $2,990 and even touching above the $3,000 resistance level, and formed the highest range near $3,040-$3,050.
Then, earlier today, ETH dropped around $2,925, but has started to move up slightly. At the time of writing, ETH is trading near $2,944.34, reflecting a 3.25% decline over the last 24 hours. Its market capitalization stands at $355.36 billion. As ETH is currently trading 40.5% below its all-time high zone.
Also, Bitmine Immersion Technologies (BMNR) released a press release on Monday, where they had bought around 44,463 ETH last week, and pushed the overall holdings to 4.1 million ETH, as this value is about 3.41% of the whole ETH supply. Although the institutional buying remained strong, ETH has since traded lower today.
What’s Next for ETH?
(Source: TradingView)
Technical indicators continue to show bearish momentum, with the Relative Strength Index (RSI) hanging around 41, indicating weak purchasing strength while remaining above oversold levels.
Meanwhile, the MACD displays the blue line below the signal line, which is a bearish crossover, indicating that sellers presently have more influence than buyers. Together, these indicators hint at continued downside pressure for Ethereum, with no strong confirmation of a positive turnaround at the moment.
Ethereum’s immediate support is near $2,925, and a drop below this level could see support at $2,900, then further weakness potentially testing the next support near $2,875. On the upside, $2,975 remains a near-term resistance, while $3,000- $3,050 remains a key breakout level for regaining bullish momentum.
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