Ethereum price has remained steady above the crucial support zone of $3,000. Notably, the fear that drove the crypto market a month ago has since faded. However, the ongoing bullish sentiment is not enough to catapult it to the next target at $3,500.
The second largest crypto is valued lower by 2.77% at $363.57 billion. However, its trading volume has risen by 3.55% over the past 24 hours to $19.51 billion. In the near term, Ethereum price will likely remain within a horizontal channel of between $3,000 and $3,350.
Ethereum price technical outlook
ETH is trading lower as the crypto market eases on its recent rally. Notably, Ethereum price remains above the crucial level of 3,000. The level has been a crucial support zone for the crypto over the past two-and-a-half weeks. However, it has lacked enough bullish momentum to hit the upper target of 3,500.
For close to three weeks now, Ethereum price has been trading between the psychological level of 3,000 and the resistance zone of 3,350. At the time of writing, it was down by 4.29% at 3,090. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages.
I expect the crypto to remain within a range of between 3,000 and 33,50. In the immediate term, it will likely find support at 3,088.32. On the upside, it may find resistance along the 25-day EMA at 3,217.69.