The Ethereum (ETH) price has fallen below the crucial support level of $3200 and is now testing the key zone of $3000. The chart indicates a bearish pennant pattern, showing lower highs and lower lows. A breach of the $3000 support level could lead to further downward movement, potentially retesting the $2500 mark. However, buyers are currently trying to hold onto the $3000 level and are attempting a rebound.

At the moment, the price of Ethereum is trading at $3029.10 with a 0.58% drop in intraday trading, suggesting a neutral stance on the charts. The monthly return ratio is -16.24% while the yearly return is at 45.30%. Analysts anticipate support levels around $2700 - $2900 and expect a rebound in the near future.

Ethereum Price Volume Profile Analysis

The chart above illustrates the price volume profile of Ethereum (ETH), showing a retracement in recent sessions. Despite the negative sentiment in the global market, ETH has managed to hold onto gains, retracing only 16% so far. The trading volume has decreased by 33.29% to $13.01 Billion.

Price Volatility and MVRV Ratio Analysis

Despite being range-bound, Ethereum has experienced significant price volatility this week, with a 43.90% decline to 0.00754. The MVRV ratio is around -2.02, indicating a neutral price behavior.

Social Dominance, Followers, and Sentiment Overview

Social dominance has increased to 7.525% from 2.40%, accompanied by a slight rise in discussion reports. However, X followers have decreased by 62.37% to -9302. The weighted sentiment value remains close to the midline at -0.227.

Development Activity & Open Interest Insights

Although there has been short profit booking in derivatives, open interest has increased by 4.79% to $4.98 Billion in the last 24 hours.

Based on Fibonacci levels, Ethereum has held above the 38.6% zone and tested the mid Bollinger Band support. The RSI curve indicates oversold conditions with a negative crossover on the charts.

With a total supply of 122.37 Million ETH coins and a volume-to-market cap ratio of 0.0352, Ethereum is currently ranked 2nd in the global crypto market in terms of market cap.

Summary

Ethereum is currently consolidating near the $3000 support level and the 100-day EMA. Sellers are showing confidence in breaking this zone to push the price lower.

Technical Levels

Support Levels: $2910 and $2700

Resistance Levels: $3180 and $3300

Disclaimer

The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice.