"ETH appears to be trying to build some bullish momentum and could eventually rally above $3,000," said Joel Kruger, strategist at LMAX, in a note on Tuesday. "Sentiment towards the world's second-largest crypto asset is rising again as many medium- to long-term players step in to take advantage of the recent decline." Separately, cryptocurrency analyst firm 10x Research noted in a report that Ethereum's Relative Strength Index (RSI), a key technical indicator that measures momentum, fell to around 35 percent, signaling a rebound from similar oversold levels several times before. Ether is currently battling a key resistance level around $2,650, and the price could climb to the next resistance level around $3,000 after a breakout, according to 10x Research analysts.