As reported by CryptoPotato, technical analysis conducted by TradingRage shows that the price of Ethereum has been correcting over the past few weeks after reaching a high of $4,000. In the daily time frame, the price has been fluctuating between $3,000 and $3,600. After the recent rejection from the $3,600 area, the market is once again targeting the $3,000 support level. The relative strength index also fell below 50%. If the price falls below $3,000, it may lead to a further decline in the price, with a target of $2,400 near the 200-day moving average. On the contrary, if the price rebounds from the $3,000 area, it may push the price back to $3,600, or even higher.

Analysis shows that the recent price action looks very choppy on the 4-hour chart. The price has tested the $3,600 resistance zone several times but has failed to continue to rise towards $4,000. The market structure is clearly bearish in the short term as the price has been consistently making lower highs and lows. Therefore, if the price falls below $3,200, a drop back to the $3,000 area will be inevitable.