Despite #Ethereum being down by 17% over the past week, buyers hope for a bounce back from the 100-day EMA.
Ethereum bulls are losing momentum, with ETH’s price nearing the $3,000 psychological level. A bearish week saw its market cap fall below $400 billion, and Ethereum is struggling to make a comeback.
Ethereum Price Analysis
Ethereum’s price action on the daily chart shows bullish support above the 100-day EMA line. Currently, ETH is trading at $3,295, with an intraday gain of 0.52%. This represents a minor recovery after a bearish weekend.
On Saturday, December 21, ETH dropped by 3.84%, creating a bearish engulfing candle, followed by a 1.75% drop on Sunday. Now, the price sustaining above the 100-day EMA line currently creates a doji candle, with ETH struggling to surpass the $3,300 level.
Using Fibonacci levels, the price is encountering rejection near the 61.80% Fibonacci retracement at $3,180.
With multiple support factors converging, the current doji candle increases the chances of recovery. However, the daily RSI is approaching the oversold boundary, reflecting rising selling pressure. This could require some minor consolidation before a trend reversal.
Ethereum Price Chart
