"ETH appears to be trying to build some bullish momentum and could eventually rally above $3,000," LMAX strategist Joel Kruger said in a report on Tuesday. "Sentiment towards the world's second-largest crypto asset is rising again as many medium- and long-term players step in to take advantage of the recent decline." Separately, cryptocurrency analysis firm 10x Research noted in a report that Ethereum's relative strength index (RSI), a key technical indicator for measuring momentum, fell to around 35%, which foreshadowed several previous rebounds from similar oversold levels. Analysts at 10x Research said Ethereum is currently struggling with a key resistance level around $2,650, and a breakout could see prices climb to the next resistance level of around $3,000.