Ethereum Price Falls Below $2,950 After Short Rebound, Eyes the $3,050 Resistance Zone

Ethereum (ETH) has experienced a brief rebound, climbing above $2,990 and nearing the $3,050 resistance level. However, it has since dipped below $2,950, currently trading around $2,944.34. Despite increased institutional interest, the price faces continued downward pressure amid bearish technical indicators.

Key Takeaways

ETH rebounded but fell back under $2,950, trading at approximately $2,944.34.
The market capitalization of Ethereum stands at $355.36 billion, still 40.5% off its all-time high.
Institutional buying remains strong, with Bitmine Immersion Technologies acquiring 44,463 ETH last week.
Technical indicators suggest bearish momentum, with immediate support levels noted at $2,925 and $2,900.

Ethereum Price Dips Below $2,950 After Brief Rebound, Eyes on $3,050 Resistance Zone (Source: CMC)

Ethereum's Attempted Rebound and Price Dip

Based on data from CMC, Ethereum began to show signs of recovery yesterday, starting from $2,928 and managing to surpass $2,990 before touching a high near the $3,040-$3,050 range. However, earlier today, ETH retraced to around $2,925 but has since made a slight upward movement. As of this writing, ETH is priced at approximately $2,944.34, indicating a decline of 3.25% over the past 24 hours. The cryptocurrency has a market capitalization of $355.36 billion and is currently trading 40.5% below its all-time high.

Additionally, Bitmine Immersion Technologies (BMNR) announced on Monday that it had purchased around 44,463 ETH last week, increasing its overall holdings to 4.1 million ETH. This acquisition represents about 3.41% of the total ETH supply. Despite the strong institutional interest, ETH has experienced a dip today.

Future Outlook for Ethereum

Ethereum Price Indicators (Source: TradingView)

Current technical indicators suggest that Ethereum is still facing bearish momentum. The Relative Strength Index (RSI) is hovering around 41, which signals weak buying strength while staying above oversold levels. The Moving Average Convergence Divergence (MACD) is also exhibiting a bearish crossover, indicated by the blue line falling below the signal line, implying that sellers are currently exerting more influence than buyers.

These indicators collectively suggest that Ethereum may continue to experience downside pressure, with no significant signs of a bullish turnaround at this time.

In terms of support, Ethereum is immediately linked to the $2,925 level, and a drop below this could test further support at $2,900, with potential weakness extending to around $2,875. On the upside, $2,975 is a near-term resistance level, and the range between $3,000 and $3,050 remains a crucial breakout point for any bullish momentum resurgence.

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