Ether price could dip to $3,000 again

Technical analysis conducted by TradingRage shows that the price of Ether has been correcting over the past few weeks after reaching a high of $4,000. In the daily time frame, the price has been oscillating between $3,000 and $3,600. After the recent rejection from the $3,600 area, the market is once again targeting the $3,000 support level. The Relative Strength Index has also fallen below 50% and it looks like momentum has turned to the bears. A drop below $3,000 could lead to further price declines, targeting $2,400 near the 200-day moving average. Conversely, a bounce from the $3,000 area could propel prices back to $3,600 and possibly even higher. In the 4-hour chart, the recent price action looks very volatile. Price has tested the $3600 resistance area several times, but has failed to continue its rise to $4000. The market structure is clearly bearish in the short term as price has been consistently making lower highs and lower lows. Therefore, if prices fall below $3200, a pullback to the $3000 area will be inevitable.