$ETH
Ethereum price was retested on Thursday and found support around the descending trendline, and it recovered nearly 6% over the next three days. As of Monday, ETH is approaching the daily resistance level at $3,017.
If ETH closes above $3,017 on a daily basis, it could extend the recovery toward the December 10 high at $3,447.
The RSI reads 47, pointing upward toward the neutral level of 50, indicating early signs of fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above the neutral level. Moreover, the Moving Average Convergence Divergence (MACD) lines are converging, and a flip to a bullish crossover would further support the bullish outlook.
On the other hand, if ETH is rejected, it could extend the decline toward the key support at $2,749.