Despite Ethereum being down by 17% over the past week, buyers hope for a bounce back from the 100-day EMA. 

Ethereum bulls are losing momentum, with ETH’s price nearing the $3,000 psychological level. A bearish week saw its market cap fall below $400 billion, and Ethereum is struggling to make a comeback.

As bulls hold steady at the key $3,000 mark, will a broader market recovery propel Ethereum to $4,000?

Ethereum Price Analysis

Ethereum’s price action on the daily chart shows bullish support above the 100-day EMA line. Currently, ETH is trading at $3,295, with an intraday gain of 0.52%. This represents a minor recovery after a bearish weekend.

On Saturday, December 21, ETH dropped by 3.84%, creating a bearish engulfing candle, followed by a 1.75% drop on Sunday. Now, the price sustaining above the 100-day EMA line currently creates a doji candle, with ETH struggling to surpass the $3,300 level.

Using Fibonacci levels, the price is encountering rejection near the 61.80% Fibonacci retracement at $3,180.

With multiple support factors converging, the current doji candle increases the chances of recovery. However, the daily RSI is approaching the oversold boundary, reflecting rising selling pressure. This could require some minor consolidation before a trend reversal.

Ethereum ETFs End The Bullish Streak

Last week, ETH formed a massive bearish engulfing candle, dropping 17.16%. This took the price from a recent swing high of $4,109 to a weekly low of $3,095.

Amid the bearish pullback, institutional support waned, with Ethereum ETF outflows reaching $60.47 million on December 12. Meanwhile, inflows were recorded for subsequent days. However, on Friday, U.S. spot Ethereum ETFs closed the week with a negative flow of $75.12 million.

Despite this, the overall sentiment remained bullish, with a net inflow of $62.73 million for last week. This marked Ethereum’s fourth consecutive bullish week, though it ended a daily streak of 18 consecutive days of inflows.

Ethereum Price Targets

Should the demand for ETH resurface with Bitcoin regaining bullish momentum, ETH price could bounce back. Based on the Fibonacci retracement tool, ETH’s immediate price target is $3,553 and the $4,000 psychological mark. Meanwhile, the solid support remains at $3,180.

Beyond this, the dynamic 200-day EMA at $3,944 aligns with the $3,000 psychological mark. The growing number of support factors suggests that ETH could sustain upward momentum this week.