The Ethereum price trades at $3,495 with a bearish bias, with sellers determined to lower the price. The largest altcoin by market capitalization is down 1.77% and 1.3% over the last 24 hours and seven days, respectively.
A bearish technical chart pattern points to more downside even as the daily trading volume jumps 12%, reinforcing the intensity of the sell-side pressure.
The 100-day and the 50-day exponential moving averages (EMAs) are posing stiff resistance for ETH. Bulls were required to push Ether back above this level to increase the possibilities of an uptrend.
Data from IntoTheBlock reveals that the ETH price faces relatively stubborn resistance in its recovery path, compared to the support it enjoys on the downside. Its In/Out of the Money Around Price (IOMAP) model revealed that the supplier congestion zone between $3,514 and $3,619 acts as a stiff resistance for Ether on the upside.
This is because it represents the price around which approximately 2.75 million ETH were previously bought by approximately 3.48 addresses. Note that the 50-day and 100-day EMAs lie within this area, reinforcing the importance of this resistance zone.