The Ethereum price has struggled to mount any significant bullish pressure since hitting the all-time high of $4,946 in August. The bullish momentum of the second-largest cryptocurrency has mostly waxed and waned, reaching the $4,750 high twice in the past few weeks.
After running up to this local peak on Tuesday, October 7, the Ethereum price has been on a steady descent in recent days. This bearish pressure intensified on the close of the week, with the ETH price falling towards $3,700 due to United States President Donald Trump’s tariff imposition on China.
Darkfost highlighted that the price of Ethereum found support at the 200-day exponential moving average (EMA) around the $3,500 level on the daily timeframe. This exact region had once been identified as an attractive Dollar-Cost Averaging (DCA) entry area, the analyst added.
Furthermore, Darkfost emphasized the strong bearish sentiment across the market, as shown by the relative strength index dropping below the 50 threshold. However, the crypto pundit believes that investors can watch for a positive reaction and whether the bullish momentum can kickstart the “wave 5,” despite the potential resistance at the 50 RSI mark.
According to the crypto analyst, the Ethereum price could finally make its way to the widely anticipated $5,000 level if it manages to overcome these significant barriers.
As of this writing, the price of Ethereum stands around $3,741, reflecting an over 4% decline in the past 24 hours. The altcoin’s record is even worse on the weekly timeframe, having lost more than 16% of its value in the last seven days.
