👉Ethereum price faced rejection around the weekly level of $3,454 on Tuesday and fell 9.2% so far on Thursday. On Friday, the price traded slightly higher, around $3,084, approaching the psychologically important $3,000 level.
👉If ETH closes below $3,000, the price could drop to retest the 200-day Exponential Moving Average at around $2,789.
👉The RSI indicator on the daily chart reached 61 after exiting the overbought level of 70. If the RSI continues to decline and closes below the neutral level of 50, Ethereum price will continue to decline.
However, if ETH breaks and closes above the weekly resistance at $3,454, the price will rally to retest the psychologically important $4,000 level.
