Ethereum price is seesawing around $3,000 as the bears lack enough selling pressure to break out that crucial support zone. Notably, it has been consolidating around that level for the third consecutive session.
$3,000 has been a crucial level for Ethereum price since early August after being evasive for two-and-a-half months. The crypto fear & greed index still reflects greed with a reading of 70. While the figure is lower than the previous session’s 73, it is a significant shift from the prior month’s extreme fear of 19.
As such, the bulls may manage to control the prices above the $3,000 support zone. However, one cannot dismiss the possibility of a bearish breakout. A move past $2,900 is likely to return ETH/USD to July’s resistance level of $2,500.
Ethereum price technical outlook
ETH/USD remains around the support zone of 3,000 for the second consecutive session. At the time of writing, the cryptocurrency was down by 0.53% at 2,996.23. Earlier in the week, it was 3,339.97 before pulling back. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
With the ongoing bullish sentiment, there isn’t enough selling pressure to break past the crucial support level of 3,000. However, if the bears manage to push Ethereum price past 2,900, the crypto may return to July’s resistance level of 2,500.
Nonetheless, for that to happen, there would need to be enough downward momentum to break the support at 2,750 and 2,550. In the near term, Ethereum price is likely to trade within a rather tight range of between 2901.51 and along the 50-day EMA at 3119.53.