The price of Ethereum (ETH) is at a crucial pivot point as the market bulls are clearing the losses of the past 24 hours. In the heat of the market drawdown, ETH’s price dropped to as low as $2,369.48 before staging a recovery. With the sentiment generally improving, the question remains how high the recovery could be. Ethereum Price and Altcoin Volatility At the time of writing, the ETH price changed hands for $2,400, up by 2.33% in the past 24 hours per CoinMarketCap data . The coin climbed as high as $2,529.66 in its staged recovery move before settling in at its current level. Despite the mild recovery, Ethereum is seeing intense volatility-defining price fluctuations. With the Ethereum rebound, the coin is not out of the woods. The broader market has yet to pare off its accrued losses completely. Bitcoin price has decreased by over 10% in the past week to $86,388.01. Ultimately, the altcoin correlation has created a bearish setup that might further drag ETH down. An earlier ETH price analysis explored the prospect of the coin’s recovery. Despite rising social dominance, headwinds stirred by macroeconomic trends are still weighing the coin down. ETH Price To $3,000, Is It Possible? Ethereum’s outlook is not promising if the price continues to slide. Since mid-November, the coin has dropped by over 43%. By implication, the 50-day Moving Average (MA) is on track to fall below the 200-MA, a classic death cross formation. ETH may face this death cross if the market continues to fall, dragging the price further down. However, the coin has showcased resilience over the past year. Per market data, it has not dropped below the $2,159 price mark, a major support level to watch. While there is limited backing that the coin is oversold and triggering a need for a price rebound, cautious bets are advocated for investors. Ethereum Fundamentals Is Promising Beyond the price outlook, the Ethereum ecosystem is in the news, complementing some of the positive technical settings boosting recovery. As reported earlier by CoinGape, the Ethereum Foundation said it will donate $1.25 million to the lawsuit defense of Tornado Cash co-founder Alexey Pertsev. Beyond this, the foundation unveiled a leadership shift earlier this week with Ava Miyaguchi becoming President. Though with a rocky start, the Pectra Upgrade is still in view with its impact on the network set to drive adoption. Unlike an ecosystem with mostly negative social sentiment, Ethereum has positive sentiment with a potential price impact in view. The post Ethereum Price In Rebound Mode, Is ETH To $3,000 Possible Now? appeared first on CoinGape .
