Ethereum (ETH) price analysis shows that ETH prices have been fluctuating between $2,800 and $4,100 since March. ETH experienced a massive sell-off over the weekend, resulting in a 3.65% drop on Wednesday to close at $3,291.
It continued to fall by more than 7% on Thursday, falling to $3,059 while falling below its 200-day moving average. On Friday, ETH fell further below the key $3,000 mark, dropping as low as $2,983 before hitting a daily low of $2,824 before rebounding.
On Saturday, ETH prices recovered nearly 2% to close at $3,069, but faced selling pressure again on Sunday, with prices falling to $2,931. Currently, market trading shows that sellers are looking to push ETH prices below $2,800, although strong buying demand is seen at the daily low of $2,827, similar to what happened on Friday. The $2,800 level is considered a key support level, and once it is broken, it may lead to a further decline in prices to about $2,500.
On the other hand, if the price rebounds, it may test above $3,000 and try to break through the $3,100 resistance level.
For a sustained rise, ETH needs to break through the 200-day moving average, which may push the price to $3,300, while the 20-day moving average may become the next important resistance level.
From the RSI indicator, it is currently in the oversold area, indicating that we may see an increase in buying activity, which may promote a rebound in prices in the short term.
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