The cryptocurrency started to gain some ground on previous sessions but went back down before attempting a resistance breakout. The price might find support at the low $3,000 levels. Our parabolic SAR suggests that the price will start an uptrend soon, but we don't see enough technical elements to consider this prediction.
The Bollinger bands are opening, but they are starting to move downwards which is often a short signal. The pair trades below the short and long-term moving averages, which strengthens the downtrend prediction.
The relative strength index is at 35%, this will allow Ethereum to fall a bit more before it can regain some ground against the USD. Once the pair enters an oversold status, we would likely see many traders placing Long positions which will raise the price in the mid-term.
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