Ethereum Struggles Below $3,000 as Bearish Pressure Persists

Ethereum (ETH) price has been grappling below the $3,000 mark as bearish pressure continues to weigh on its recovery. Despite a brief respite from extreme oversold conditions in early February, buying momentum remains weak, as indicated by the Relative Strength Index (RSI) which has yet to break above 50 since February 1. This suggests that while bearish pressure has eased, the market lacks a clear bullish trend.

The Directional Movement Index (DMI) also reflects the ongoing downtrend, with the -DI still significantly higher than the +DI. Although selling pressure has started to ease slightly, the Average Directional Index (ADX) remains above 25, confirming that ETH price is still in a well-defined bearish trend. For a potential trend reversal, the +DI would need to rise while the -DI continues to decline.

Exponential Moving Average (EMA) lines continue to indicate a bearish trend, with short-term EMAs still positioned below long-term ones. This alignment suggests that downward pressure remains dominant, keeping ETH at risk of further declines. If this bearish momentum persists, Ethereum price could test the support level at $2,356, and a failure to hold this zone could lead to a deeper drop toward $2,163.

However, if ETH can regain positive momentum and push its RSI above 50, it would indicate a shift toward bullish control, potentially leading to a stronger price recovery. A breakout above the $3,000 psychological resistance could signal renewed bullish strength, potentially pushing ETH to $3,300. If buying pressure remains strong beyond this point, ETH price could even rally to $3,744, marking its highest price since January 6.