Ethereum (ETH) price has climbed over 4% in the last 24 hours, although it remains down 17% over the past 30 days. In the last few days, ETH has been trying to stay above the $3,000 level, a key psychological and technical area that could influence its next move.

Indicators such as the Relative Strength Index (RSI) and Directional Movement Index (DMI) reveal that while ETH recently showed signs of bullish momentum, that strength appears to be fading. Whether ETH can regain its uptrend or face further corrections depends on its ability to hold critical support levels and overcome nearby resistance zones.

ETH RSI Is Down From Overbought Levels

ETH Relative Strength Index (RSI) is currently at 54.8, after reaching a low of 22.2 three days ago and peaking at 68.9 just one day ago. This movement indicates a rapid shift in momentum, as ETH moved from oversold conditions to levels nearing overbought territory before stabilizing closer to neutral.

The RSI’s decline from 68.9 to 54.8 suggests a cooling off in bullish momentum, as sellers have gained some ground after the recent sharp rally.

The RSI, a momentum oscillator, measures the speed and magnitude of price movements on a scale from 0 to 100. Typically, an RSI below 30 signals oversold conditions and potential for a price reversal to the upside, while an RSI above 70 indicates overbought conditions, often preceding a price correction.

With ETH RSI now at 54.8, it sits in a neutral zone, implying a balance between buying and selling pressure. However, the drop from 68.9 could suggest that the recent rally is losing steam, possibly pointing to a period of consolidation or a mild correction unless new bullish catalysts emerge to reignite upward momentum.

Ethereum’s Uptrend Could Be Fading Away

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Author: Tiago Amaral