Ethereum Falls Significantly Above $3,000, May Hold Above It

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Ethereum slumps to $3,099
The crucial support is likely to hold

Ethereum ETH) Current Statistics
The current price: $3,094.63
Market Capitalization: $368,537,673,177
Trading Volume: $16,229,192,866
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 9, 2021
Ethereum’s (ETH) price has resumed selling pressure to $3,000 but may hold above it . Today, the largest altcoin has declined to the low of $3,093. The market is retesting the August 26, historical price level. The selling pressure is likely to be over if the $3,000 support holds. However, if the bears break below the $3,000 support, the market will further decline to the low of $2,656.

ETH Technical Indicators Reading
The recent decline has pushed Ether to level 27 of the Relative Strength Index for period 14. It indicates that Ether has fallen to the oversold region of the market. This implies that the selling pressure is likely to end as buyers emerge in the oversold region. The crypto’s price is below the moving averages which indicates that Ether is capable of further decline. Ether has a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA which indicates a sell order. Ether is below the 20% range of the daily stochastic. This also indicates that Ether has fallen to the oversold region of the market.

Conclusion
ETH/USD has fallen heavily above the $3,000 support but may hold above it. The breaking of the $3,000 will lead to further selling pressure. Meanwhile, on December 15 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extensions or $2,703.

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