11.01.202222:18 Forex Analysis & Reviews: Ethereum sell-off stopped by 3,000 psychological level

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Ethereum rallied in the last hours. At the moment of writing, it was traded at 3,236.78 level right below 3,267.67 today's high. ETH/USD registered an 11.68% growth from 2,926 yesterday's low to today's high. The cryptocurrency edged higher as the price of Bitcoin jumped higher.

In the short term, the pressure remains high. ETH/USD could drop anytime again as the bias remains bearish. Technically, this could be only a temporary rebound after the most recent massive drop. In the last 24 hours, ETH/USD is up by 6.26% but it's down by 15.03% in the last 7 days.

ETH/USD challenges dynamic resistance

ETH/USD registered a larger downside movement after retesting the Descending Pitchfork's upper median line (UML). It has found support on the 3,000 psychological level and now is fighting hard to close above the median line (ML).

Stabilizing above the median line may signal strong buyers and potential growth at least towards the weekly pivot point (3,344.67). The levels of 3,470.02 and 3,640.60 are seen as potential upside targets as well.

ETH/USD outlook

Ethereum bounced back after registering only a false breakdown below the 3,000 level and through the channel's downside line. A strong consolidation above the median line (ML) could bring new long opportunities towards the downtrend line.

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