Despite dominating the crypto scene, Ethereum dipped to $2866 earlier today. It's not just Ethereum feeling this way; the entire crypto market is sluggish, with recoveries slow and falls noticeable.

Ethereum's situation is heavily influenced by the market's neutral feelings, lingering below the $3K mark for days now with low demand. Let's explore the chance of Ethereum climbing to stability and if there are any signs of positivity.

Examining Ethereum's Price Performance:

Currently, ETH is trading at $2,974.66, showing a 2.63% increase in the last 24 hours. The market cap has also risen accordingly, reaching $357,136,464,486. Additionally, the number of transactions has increased, with the trading volume hitting $12,812,028,821.

Ethereum had a promising start this year, reaching $4K initially. While it couldn't hold steady there, it stayed above $3K for months before sliding in May. Many investors recovered their losses then because Ethereum was even lower the previous year.

Can Ethereum's Price Bounce Back?

Ethereum's price is already showing signs of recovery, though bears remain active. Most technical indicators suggest a potential price decline for now, with selling pressure outweighing buying. Various metrics like MACD levels, simple and exponential averages for 30, 50, and even the last 100 days indicate a selling trend for this altcoin.

However, there's a dissenting view from Ali, a renowned crypto analyst, who predicts a potential rebound in Ethereum's price. According to Ali, TD Sequential signals a buying opportunity, potentially leading to a rebound of one to four candlesticks.

In Conclusion:

Despite bearish signals, Ethereum is edging closer to $3K. It's expected to find support above $2,985 before touching $3K and possibly facing another correction. The market remains sluggish, with active bears, and the SEC's pending decision on Ethereum Spot ETF adds uncertainty to Ethereum's market performance.