Ethereum (ETH) Price Breaks Key Support as Bears Continue to Dominate

• The bears will possibly continue to reign over the crypto market in the next trading week.
• Ethereum has been down 8.97% in the last 24 hours.

On Monday, the price of ETH continued its downward trend, maintaining the lethargic tone of the previous week. In April, the price began a long-term downward trend. The bears will possibly continue to reign over the crypto market in the next trading week.

Further Losses Anticipated

The price of ETH is still vulnerable as it crosses the multi-month support level at $2,400. After recording swing highs of $4,867.81, the price had already begun to decrease. However, a rebound from $2,300 resulted in a 23 percent increase. After a brief surge, the price retraced its losses in the May series and reached the $2,300 range.

Additionally, the 50-day and 200-day EMAs are still under pressure on the ETH price. Therefore, chances are bright of further loss if the price drops below $2,000. As a result, investors may expect to get between $2,000 and $1,700 in liquidity from their investments.

A daily close above the session high might lead to a short-term rebound in Ethereum (ETH). The first step would be a breakout of Friday’s high of $2,757, followed by the 50-day EMA of $2,916. Unfortunately, because of the bear market that has gripped the whole cryptocurrency market, Ethereum (ETH) prices continue to fall, which is reflected in the large influx of funds into crypto exchanges.

Technical and on-chain analyst Ali Martinez revealed in his Santiment chart posted on May 9 that about 333,000 Ethereum had been put in wallets of well-known crypto exchanges during the previous two weeks. According to CMC, the Ethereum price today is $2,306.79 USD, with a 24-hour trading volume of $29,286,880,487 USD. Ethereum has been down 8.76% in the last 24 hours.