Ethereum price analysis (Bullish) — 3040.85 USDT (+1.77% 24h)

Ethereum is showing intriguing technical signals at the $3,040 level despite recent weakness. The current RSI reading of 32.7 indicates ETH is approaching oversold territory, which historically presents buying opportunities for patient traders. While price remains below both the 20-day SMA ($3,093) and 50-day SMA ($3,084), the proximity to these key moving averages suggests potential for a near-term bounce. The 1.77% 24-hour gain on substantial $1.89 billion volume indicates accumulation may be occurring at these levels. Volatility remains elevated at 4.4%, typical for crypto assets but suggesting traders should size positions accordingly. For short-term traders, consider scaling into long positions with tight stops below $2,950. Swing traders might wait for a confirmed break above the 20-day SMA before adding exposure. The current setup favors cautious accumulation with defined risk management given the oversold conditions and strong volume support.