Ethereum (ETH) is trading near the $3,000 psychological level on Friday, as its rising exchange reserve and declining network fees hint at potential reasons for its recent price decline.
Ethereum price today: $3,090 Ethereum 's rising exchange reserve and decreasing on-chain activity are potentially responsible for its recent price decline. Ethereum ETFs halted their inflow streak after recording outflows of $3.2 million. Ethereum could rally 60% if it validates the inverted head and shoulders pattern by bouncing off the $2,817 support level.
However, it has to overcome several key resistance levels around $3,400, $3,562, $3,732 and its yearly high resistance of $4,093. The Relative Strength Index has crossed below its yellow moving average line, indicating a potential correction toward $2,817. The Awesome Oscillator has posted consecutive red bars above its neutral level, indicating the bullish momentum is weakening. A daily candlestick close below $2,817 will invalidate the bullish thesis.
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