Crypto Blog
The Ethereum price has been dropping since getting rejected from the $4,000 resistance level. In the past 24 hours, the selling intensified and the bears are seemingly targeting the important resistance level at $3,000.
The Relative Strength Index has dropped below 50%, indicating that the momentum has shifted bearish. If the $3,000 level breaks down, things can get ugly for ETH, as a further drop toward $2,800 and even the $2,200 zone could be expected.Looking at the 4-hour timeframe, the price has been making lower highs and lows since the rejection from the $4,000 resistance level.
Yet, the RSI has dropped below %30, making ETH oversold on the 4-hour chart. Therefore, a rebound from the trendline or the $3,000 level is still possible. This chart presents the Ethereum funding rate metric. It measures whether the buyers or the sellers are more aggressively executing their orders. Positive funding rates indicate bullish sentiment, while negative ones are associated with bearish sentiment.
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