Ethereum (ETH) is under sustained downward pressure, with assets below $3,000, but technical indicators suggest the cryptocurrency may be building for a short-term rebound.
This outlook was presented by a popular crypto analyst trading shotswho TradingView In a Nov. 18 post, he pointed out that the potential for a rebound can be traced back to last month's performance.
Since early October, ETH has been trading within a descending channel and has experienced two consecutive bearish legs, each dropping around 27.5%. This continued trend has kept Ethereum below key technical levels, reflecting widespread market caution among investors.
The analyst highlighted the daily relative strength index (RSI) as a potential signal of a temporary recovery. While RSI is forming higher lows, price continues to form lower lows, creating a bullish divergence.
This pattern mirrors similar price movements observed in early October and suggests a potential short-term rebound. Such a pullback could push Ethereum towards the 50-day moving average that acted as resistance in late October and has become a key test for market participants.
Despite this potential upside, the medium-term outlook remains bearish. trading shots We predict that Ethereum will likely complete the current downtrend before a sustained recovery, with an expected target near $2,650.
Main ETH price levels to watch
Meanwhile, another analysis by a crypto analyst Daan crypto trading We've identified key price levels to watch. He noted that $2,800 and $4,100 remain important support and resistance zones that have shaped the price trend over the past two years.
In the short to medium term, the $3,350 area, which hit the August low and recently acted as support, could also play a role in future market movements.
ETH price analysis
At the time of this writing, Ethereum is trading at $2,921, down over 7% in the past 24 hours and down nearly 15% over the past week.
The asset is currently tilted to the bearish side. Notably, the 50-day SMA is at $3,817, suggesting near-term weakness as the price is trading around 19% below this level, and unless momentum changes, downtrend indicators with continued lower closes suggest further downside risk.
In contrast, the 200-day SMA (approximately $3,719) provides a more benign buffer. Ethereum’s position just below it suggests medium-term vulnerability, but a full “death cross” confirmation has been avoided and it could stabilize if buyers stick to this threshold.
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