Ether poised to revisit the $3,000 mark as bullish momentum falters: explore the latest predictions.

Key Highlights

• ETH has risen by 1.4% over the last 24 hours, trading above $3,200.
• The leading altcoin by market capitalization might retest the psychological level of $3,000 as bullish momentum stagnates.

Market Momentum Stagnates

Bitcoin (BTC) and Ethereum (ETH) are currently trading near key resistance levels after a recent rebound. These resistance levels could lead major cryptocurrencies to retest lower psychological zones before either experiencing a sharper decline or successfully breaking out.

As of this report, Ether is trading above $3,200, having gained 1.4% in the past 24 hours. It failed to break the $3,500 resistance level last Friday, despite the Federal Reserve’s third interest rate cut of the year.

However, the Fed’s aggressive rate cuts have led to a bearish shift in market sentiment, resulting in Ether testing the $3,100 level on Thursday. The market has since rebounded and Ether could reclaim the $3,500 resistance if the rally continues.

Ether May Retest $3,000 Before Recovering

The ETH/USD 4-hour chart appears bullish, as Ether has added nearly 4% in value since the beginning of the week. Earlier this week, the price surpassed a downward trendline established by a series of peaks since October 7, climbing 6.2% on Wednesday.

However, it fell below $3,100 following the FOMC meeting, encountering key resistance around $3,500. If Ether closes its daily candle above the 50-day moving average at $3,310, it could rebound towards the next major resistance at $3,592.

The RSI is at 54, indicating bullish momentum on the 4-hour timeframe. Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover earlier this week, supporting a bullish bias.

Nevertheless, if the daily candle fails to close above $3,310, Ether could face another correction towards the daily support at $3,017.