Analyst: ETH is expected to Rebound from Oversold levels to $3000

Golden Finance reported that Joel Kruger, a strategist at LMAX, said in a report on Tuesday: 'ETH seems to be trying to establish some bullish momentum and may eventually rebound to above $3,000. As many medium to long-term participants enter the market to take advantage of the recent decline, sentiment towards the world's second-largest encryption asset is rising again.' In addition, encryption currency analysis company 10x Research pointed out in a report that the relative strength index (RSI) of Ethereum, a key technical indicator measuring momentum, has dropped to around 35%, indicating that there have been several rebounds from similar oversold levels in the past. Analysts at 10x Research stated that Ethereum is currently struggling with a key resistance level around $2,650, and once broken, the price may rise to the next resistance level around $3,000.