$ETH

(BTC) price has been consolidating between $94,000 and $100,000 for two weeks. Ethereum (ETH) and Ripple (XRP) faced a pullback earlier this week. BTC, ETH and XRP prices could decline further as FTX repayments could raise selling pressure.

According to Arkham data, the bankrupt exchange starts its repayments on Tuesday. Users with FTX claims of under $50,000 have started to receive funds through distribution providers Kraken and Bitgo. This wave of creditors represents approximately $1.2 billion in value.

Ethereum momentum indicators show signs of strength

Ethereum price faced a rejection around its descending trendline on February 1 and declined 13.87%, closing below its $3,000 psychologically important level the next day. ETH continued its correction by nearly 9% in the following week. However, ETH prices recovered slightly by 1.3% the previous week. At the time of writing on Wednesday, it hovers around $2,690.

If ETH continues to recover, it could extend the recovery to test the $3,000 level.

The RSI on the daily chart reads 41, bounced off from its oversold level of 30 last week, indicating fewer signs of selling pressure. However, the RSI must trade above its neutral level of 50 to sustain the bullish momentum. Such a development would add a tailwind to the recovery rally. Moreover, the MACD indicator showed a bullish crossover on the daily chart last week, giving buy signals and indicating an upward trend ahead.