Ethereum Price Dips, Buyers Battle to Hold $3,000 Mark

Ethereum (ETH) price has fallen below $3,200 support, with buyers struggling to maintain $3,000. The bearish pennant pattern indicates potential for a further decline towards $2,500 if $3,000 is breached. However, buyers are attempting a pullback from $3,000, which remains a crucial support level.

Ethereum Price Faces Downward Pressure, Attempts to Hold $3,000 Mark

The Ethereum (ETH) cryptocurrency has witnessed a downturn in price, falling below the neckline support level of $3,200. Amidst this decline, buyers are attempting to hold the crucial $3,000 mark, facing challenges in their efforts.

Price Movement and Chart Analysis

The ETH price has plummeted to its round level support zone of $3,000, showing a buildup of short positions in recent trading sessions. The chart demonstrates a bearish pennant pattern, characterized by lower highs and lower lows. If the trendline support at $3,000 is breached, the coin may experience a further decline, potentially retesting the $2,500 level.

Conversely, the $3,000 mark remains a key support zone, where buyers have resisted further losses and are attempting a pullback. At press time, Ethereum traded at $3,029.10, with an intraday decline of 0.58%, indicating a neutral trend. It has experienced a monthly return ratio of -16.24% and a 45.30% yearly return.

Volume Profile and Price Volatility

The daily price volume profile for ETH shows a retracement in recent sessions. Despite negative sentiment and widespread market selloffs, ETH has managed to hold its gains, retracing only 16%. However, intraday trading volume has dropped by over 33.29% to $13.01 billion.

Amidst the range-bound movement, ETH has exhibited significant price volatility. The price volatility curve has declined by over 43.90% to 0.00754. However, the Market Value to Realized Value (MVRV) ratio of -2.02 suggests a neutral price behavior.

Social Dominance and Sentiment

Social dominance data reveals a spike from 2.40% to 7.525%, accompanied by a minimal increase in discussion reports. However, the X followers' data shows a sharp decline of 62.37% to -9302. Nevertheless, the weighted sentiment value remains close to the midline at -0.227.

Development Activity and Open Interest Insights

Derivative data indicates short profit booking, with open interest rising over 4.79% to $4.98 billion in the last 24 hours. Fibonacci levels reveal that ETH price is holding above the 38.6% zone and has retested the middle Bollinger band support.

However, the Relative Strength Index (RSI) remains in the oversold region, signaling a potential negative crossover. The total supply of ETH stands at 122.37 million, with a volume-to-market cap ratio of 0.0352. It is ranked second in terms of market capitalization in the global crypto market.

Summary and Outlook

Ethereum is attempting to stabilize near the $3,000 support level, hovering around the 100-day Exponential Moving Average (EMA). While sellers appear confident in breaking this support and initiating a downtrend, buyers are determined to prevent further decline.

Technical Levels and Outlook

Support Levels: $2,910 and $2,700
Resistance Levels: $3,180 and $3,300

Disclaimer: The views and opinions expressed in this article belong solely to the author and do not constitute financial advice. Readers should conduct thorough research and consult financial professionals before making investment decisions.