This Tuesday, Ethereum staged a spectacular V-shaped recovery, positioning itself above the psychological threshold of $3,000 following an intraday drop that took it below $2,750. This rebound, induced by an aggressive intervention from buyers, stood out in the market by registering a 9% advance in 24 hours, surpassing Bitcoin’s 7%. This shift in momentum occurred with a spike in trading volume at the lows, suggesting that the recovery is backed by genuine liquidity.
The relative strength of ETH versus BTC signals a renewed, though volatile, appetite for risk. The move confirms that “dip-buyers” are defending key short-term support levels. However, the macro context remains cautious: the price is staying below key moving averages, signaling that structural resistance still persists. Furthermore, the general market sentiment is entrenched in a bearish zone, even though the Relative Strength Index (RSI) near 34.2 suggests a stabilization of momentum.
The asset’s rebound places it in a contested zone. The $3,000 level is now vital; it must be maintained to avoid a retest of the $2,750–$2,800 region. Upside target is reclaiming the 50-day Simple Moving Average to break the bearish trend structure. ETH’s ability to sustain this momentum in the coming sessions will be the ultimate test of whether the recovery has staying power or if it is a fleeting reaction in a wider consolidation phase.
Source: https://coinmarketcap.com/currencies/ethereum/
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