Ethereum price has been under intense pressure over the past few days. Leading altcoin dropped below $3,000 and is now probing deeper into ranges that were previously considered secondary support.

The latest technical readings point to a single leverage point on the chart that is now determining Is this a recovery attempt can be continued or is the market preparing for another lower leg.

Where the actual leverage is: $2,830 to $2,835

Ethereum’s price decline in November recently pushed it into the demand zone around $2,680 on November 21, where buyers finally entered the market cause a 10% rebound back to $2,970. The RSI trendline, which has been dwindling for weeks, has now recovered. This change is significant because it indicates that momentum is no longer decreasing at the same rate as before.

Even with this cryptocurrency rebound he did not completely avoid danger. This is based on the technical forecast of a crypto analyst known as Umair Crypto on the social media platform X. Key Finding in technical analysis not the rebound itself, but the location of the largest recent whale orders.

Approximately 4,000 to 5,000 ETH blocks were made, worth between $2,830 and $2,835. This narrow band has now become the real point of market leverage.

As long as Ethereum’s price stays above $2,835, these whales are profiting. The psychological impact of this situation cannot be overestimated, as vast players usually do not leave positions above their entry zone.

Therefore, the price has repeatedly reacted within narrow candles around this level, and there is always the possibility of a rebound if Ethereum continues to hold this area. Momentum will pick up naturally as trapped shorts loosen and sidelined buyers follow the strength of trading volume and RSI.

The larger split starts below $2,770

Failure to stay above the leverage zone between $2,830 and $2,835 will lead directly to second major leverage at $2,770. If Ethereum closed below this level, the same whales that supported the rebound would immediately become vulnerable. Their positions would go underwater and many of them may be forced to sell.

This zone is apparent as clusters of red circles apparent at the lower points on the short-term chart below. A breakdown below $2,770 would reopen the lower part of the support area and bring Ethereum back to its lowest price level since June.

Ethereum is currently trading at $2,908, up 1.5% in the last 24 hours and just above the recognized leverage zone between $2,830 and $2,835.

Featured image from iStock, chart from Tradingview.com