Ethereum (ETH) Price Prediction: ETH Defies Market Trend, Risks Falling Below $3000

Leading altcoin Ethereum has defied the overall market trend, witnessing a 2% drop in price over the past 24 hours.

Ethereum price analysis for March 23, 2023, reveals a 2% price decrease over the past 24 hours, setting the second-largest coin up for a potential drop below the crucial $3000 mark.

As buying pressure wanes, ETH risks falling to $2811 soon. This analysis has the details.

ETH Price Analysis for March 23

An assessment of ETH’s momentum indicators on the ETH/USD one-day chart reveals the altcoin’s waning demand. For example, its Relative Strength Index (RSI) is in a downward trend and below the 50 neutral line. As of this writing, its value is 42.61.

An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought, while values below 30 suggest it is oversold.

ETH’s RSI setup signals weakening momentum and suggests that the asset may be losing buying interest, potentially leading to further price declines.

Moreover, as of this writing, the coin’s Chaikin Money Flow (CMF) is poised to fall below the zero line, confirming the weakening demand for ETH.

The CMF indicator measures the amount of money flowing into or out of an asset over a specific period. When the CMF is about to fall below the zero line, selling pressure is increasing, indicating potential bearish momentum and a possible price decline.

Dropping to $2,811 or Rallying to $3,476?

At press time, ETH trades at $3,175, below the resistance formed at $3,249. With weakening buying pressure, the coin’s price could fall below $3,000 to trade at $2,811 in the near term.

However, if market sentiments improve, it could push ETH’s price above $3,249 toward $3,476.