Ethereum price loses strength, signaling a bearish impulse to $3,000

Ethereum price has suffered significant losses following the weekly open. Now, ETH's future depends on its ability to hold above $3,223. 

Ethereum price rebounds with conviction

Ethereum price shows relatively higher buying activity than Bitcoin and XRP as it surged roughly 14% from its recent swing low. The upward move suggests that ETH’s recovery will be much faster than the others.

At the time of writing, Ethereum price is testing the resistance level at $3,587. A decisive close above this barrier could trigger a 7% upswing toward the supply barrier that extends from $3,818 to $3,985.

If the buyers manage to slice through the upper boundary of the said ceiling, it is more than likely that Ethereum price will rise another 10% to retest its all-time high at $4,380.

ETH/USD 4-hour chart

While the upswing seems to be going well for Ethereum price, a breakdown of the $3,223 support level will spell trouble for the smart contract token. The downswing would invalidate the optimistic outlook and kick-start a 7% correction to $2,985.