Ethereum (ETH) price is struggling to reclaim the $3,000 level as bearish momentum continues to weigh on its recovery. The RSI remains neutral, failing to break above 50 since February 1, indicating that buying pressure has yet to strengthen significantly.

Meanwhile, the Directional Movement Index (DMI) shows that ETH is still in a downtrend, though selling pressure has started to ease slightly. With short-term EMAs still below long-term ones, ETH remains at risk of further declines unless momentum shifts in favor of the bulls.

ETH RSI Failed to Break Above 50 Since February 1

Ethereum’s Relative Strength Index (RSI) is currently at 44.7, maintaining a neutral stance since February 3 after briefly plunging to 16.7 on February 2. The RSI is a momentum oscillator that measures the strength and speed of price movements on a scale from 0 to 100.

Typically, an RSI above 70 signals overbought conditions, suggesting a potential price correction, while an RSI below 30 indicates oversold levels, often associated with buying opportunities.

A reading between 30 and 70 is considered neutral, meaning the market lacks a clear bullish or bearish trend.

With ETH RSI at 44.7, it remains in neutral territory but continues to struggle to break above 50, a level it has failed to reach since February 1. This suggests that while bearish pressure has eased since the extreme oversold conditions of early February, buying momentum remains weak.

If ETH can push its RSI above 50, it would indicate a shift toward bullish control, potentially leading to a stronger price recovery.

However, failure to do so may signal prolonged consolidation or even renewed selling pressure, keeping ETH in a choppy trading range until stronger demand emerges.

Ethereum DMI Shows The Current Trend Is Still Bearish

Ethereum’s Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 34.2, down from 40 just two days ago. The ADX measures trend strength, with values above 25 generally indicating a strong trend and values below 20 suggesting weak or range-bound price action.

A reading of 34.2 confirms that ETH price is still in a well-defined trend, though the slight decline in ADX suggests that trend strength is weakening.

ETH’s +DI is currently at 16.7 and has been fluctuating between 14 and 18 over the past four days. That indicates a weak bullish momentum. Meanwhile, the -DI has dropped from 33.8 yesterday to 28.9, suggesting that selling pressure could be easing.

Despite this, Ethereum remains in a downtrend, as the -DI is still significantly higher than the +DI. If the +DI begins to rise while the -DI continues to decline, it could suggest an early shift in momentum toward a potential trend reversal.

However, as long as the -DI remains dominant and ADX holds above 25, ETH could continue facing downside risks before any significant recovery materializes.

ETH Price Prediction: Will Ethereum Return To $3,000 In The Next Days?

Ethereum Exponential Moving Average (EMA) lines continue to indicate a bearish trend, with short-term EMAs still positioned below long-term ones. This alignment suggests that downward pressure remains dominant, keeping ETH at risk of further declines.

If this bearish momentum persists, Ethereum price could test the support level at $2,356, and a failure to hold this zone could lead to a deeper drop toward $2,163.

The current EMA structure reflects a market where sellers remain in control, and a clear shift in trend would be required to reverse the ongoing decline.

However, if ETH can regain positive momentum, it could make a move back toward the $3,000 level. A breakout above this psychological resistance could signal renewed bullish strength, potentially pushing ETH to $3,300.

If buying pressure remains strong beyond this point, ETH price could even rally to $3,744, marking its highest price since January 6.

The cryptocurrency market has been plunged into a decline this week, with global crypto market capitalization dropping by 11% in the past seven days. 

As the market continues to face volatility, crypto whales have been acquiring specific altcoins to navigate the downturn. Some of the tokens that are attracting attention from major investors during the first week of February are Dogecoin (DOGE), Pepe (PEPE), and Cardano (ADA).

Dogecoin (DOGE)

Leading meme coin DOGE has enjoyed significant whale attention this week. The triple-digit surge in its large holders’ netflow, which has spiked by 112% in the past seven days, reflects the whale activity.

Large holders refer to whale addresses that own more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and sell over a set period. 

When their netflow spikes, it indicates that these large investors are purchasing more coins. This is a bullish signal that could prompt retail traders to increase their buying activity as well. 

If DOGE whales continue to buy the altcoin, it may resume its uptrend and climb toward $0.32.

Pepe (PEPE)

Ethereum-based meme coin PEPE is another altcoin the whales bought this week. BeInCrypto’s assessment of its supply distribution shows that whale addresses holding between 100,000 and 1,000,000 tokens have bought 870 million PEPE in the past seven days.

This has pushed the group’s PEPE holdings to an all-time high of 27.09 billion.

If whale accumulation persists, the meme coin’s value could rise to $0.000010.

Cardano (ADA)

This week, layer-1 (L1) coin ADA is also a top pick among crypto whales. Per Santiment, ADA large investors holding between 100 million and 1 billion coins have accumulated 330 million ADA worth above $230 million over the past seven days.

Moreover, if accumulation persists, the L1 coin could see its value rocket above $0.80.

Coinbase put three new assets on its listing roadmap: PENGU, POPCAT, and MORPHO. This announcement only caused momentary price gains for all three tokens, possibly suggesting that the market is less interested.

The two meme coins have both endured recent volatility, but MORPHO currently has substantial momentum. Nonetheless, this pattern repeated across all three listings.

Is Coinbase’s Roadmap Losing Relevance?

Coinbase, one of the world’s leading crypto exchanges, just added three new assets to its listing roadmap: PENGU, POPCAT, and MORPHO.

Typically, these additions cause huge spikes in an asset’s price, but that has not happened today. All three of these coins experienced a brief price jump, but these gains quickly evaporated.

It’s presently unclear why these gains have proved so ephemeral. Two of the new assets on Coinbase’s roadmap, POPCAT and PENGU, are noteworthy meme coins. Both, however, have seen recent price troubles.

PENGU, for one, reached its lowest price in late January and shows little signs of recovery. POPCAT’s decline was in December, but it has also remained low.

MORPHO, on the other hand, stands out from the other offerings on Coinbase’s roadmap. It’s not a meme coin but a legitimate DeFi project creating infrastructure for on-chain lows.

It was a high performer in January and even entered a partnership with Coinbase. That may explain why it’s on the roadmap but not why it has also underperformed.

Perhaps it’s too early to determine what impact a future listing will have on these assets. At the time of writing, Coinbase put them on its roadmap only a few hours ago, and more dramatic changes may happen throughout the week.

However, the meme coin space is extremely fast-paced, making this seem unlikely. Instead, another explanation is possible.

The last two additions to Coinbase’s roadmap before this bear remarkable similarities. When it listed MOG in December, the asset’s price continued to struggle.

Last month, when it listed TOSHI, the immediate price spike was quickly slashed by new profit-taking. The asset still grew that day, but these gains proved ephemeral.

MORPHO’s inclusion also proves that these trends are not related to recent market performance. Perhaps these Coinbase announcements are losing their ability to move traders.