Ethereum price appears to be in a very strenuous position as it is constantly failing to stabalize its position above $3000. Despite attempting very strongly, the price is struggling hard to regain the levels above these levels. However, the ETH price is hovering along with some critical levels which may decide the next leg.
The ETH price seemed to be pretty strong since it flipped the bearish trend at the beginning of the February trade. And currently appears to get capitulated under the bears as the short-term action and the long-term action both are extremely bearish. And hence as predicted by a popular analyst, Ethereum price may slide down to $2500, if it fails to hold at these levels.
The technicals are pretty bearish right now as the RSI is heading towards the south signifying the bottoms may be tested and cleared too. Also, MACD is flashing a strong sell with an immense selling volume accumulated since the beginning of April. As the asset is less volatile at the moment, no possibility of a drastic price change may be speculated. But the bulls still appear to have a large control and hence a short term bounce may be expected.
Despite the probability of an interim bounce, the Ethereum price is expected to bottom hard. And unlike the previous descending trend, where-in the price reached the levels around $2800, a strong inverse price action may also pull the ETH price close to $2500 also. As the pivotal levels are above $3000, a sustained rally above these levels may invalidate the bearish case.