• Ethereum is trading at $3,073.67, with RSI nearing oversold levels, possibly signalling the start of bullish momentum.
• The chart shows ETH holding a key support zone amidst the recent weakness, and traders are awaiting a bounce toward the $3,300–$3,500 area.
• Analyst observes macro support at $1,800–$2,400 range, providing some confidence in Ethereum’s long-term market structure.

Ethereum (ETH) continues to play an essential role in the crypto ecosystem, providing the backbone for everything from smart contracts to major DeFi applications. Though ETH has weathered recent volatility, its holding near $3,095 shows a firm resilience of investor confidence. At press time, Ethereum is currently trading at $3,073.67 with a decline of 3.01%  over the past 24 hours.

Ethereum Price Action Near Key Support Zone at $3,095

According to the TradingView chart, Ethereum is currently trading at $3,095, holding above a significant support zone after a corrective period. Despite having fallen below the 200-day moving average, the momentum shows an early sign of stabilization, signalling buyers starting to step back.

The momentum indicators demonstrate that the sell pressure is ceasing, with the OBV flattening after trending downwards, which can be an early detected sign of potential bullish behaviour. The price has also been able to bounce a few times from the $3,100, indicating that this level is establishing strength as an accumulation zone. If ETH can hold the support, it could gain enough momentum to attempt a price recovery towards the $3,300-$3,500 area in the near term.

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RSI Shows ETH is Approaching Oversold Level

The TradingView chart shows the daily RSI is around 31.96, which puts Ethereum very close to being oversold (below 30). This indicates strong bearish momentum in the market, but a possibility of the market reaching exhaustion.

The RSI has steadily declined over time, indicating persistent selling. With the RSI approaching oversold territory, traders usually watch for indications of a potential reversal or relief bounce, especially when it gets to levels where reversals took place in the past.

Analyst Points to $1,800 As A Key Zone

The tweet by Ali Charts shows some important support levels for Ethereum of $1,800 and $2,400 zones that have been significant demand zones in the past. Although ETH currently trades above $3,000, it points out that if the market ever gets weak enough, these levels could potentially become key supports long-term.

The tweet is a macro view and is essentially reminding traders of where ETH’s deeper structural supports exist, while also leveraging the chart to show ETH is still trading in a much higher range.

In conclusion, ETH holding near $3,095 while moving into oversold RSI suggests that bearish momentum may be coming to an end. The overarching support zones noted in the tweet of $1,800-2,400 add that ETH is still well above its long-term structure. If buyers enter at these prices, ETH could make an attempt to recover to the $3,300-3,500 level over the short term.

Also Read: Ethereum Approaches Key Breakout Zone as Market Eyes $3,350 Level