Ethereum Sustains Bearish Trend at $2.5K Despite High Volatility

• Ethereum price has factored in an additional 0.48% price dip over the last 24 hours. 
• The altcoin’s daily trading volume also dipped by 15.77% as per CMC data.

The global crypto market pendulum has hit an early swing to market revival after this month’s initial drop. Meanwhile, in an interesting turn of events, stablecoin issuer, Tether has announced the launch of its Dirham-pegged stablecoin soon. With such updates, the digital asset space has shown a spur of activity as we reach another week’s end. 

On the other hand, Bitcoin has seen a modest increase as prices maintain at $69K after the previous day’s 4% dip. However, the leading altcoin Ethereum has incurred a further price dip of 0.48% locking its consolidation to a previous support at $2.5K. This past day’s price action began from a high of $2,583 to current levels. 

Additionally, the altcoin also exhibited increased volatility over the past few weeks. Its current RVI value stands at 53.07 indicating the price fluctuations. At the time of writing, ETH was trading at $2,509 as per CMC data. However, previously ETH, during the bullish market price actions, attempted to break resistance at $2,600. 

This can be observed by inferring the token’s weekly price chart. Ethereum’s weekly chart shows that the altcoin has factored in a 1.59% price increase. At the beginning of the week, ETH was trading at a low of $2,461 after which it moved upwards to a weekly high of $2,722 before sliding down to current levels. 

Ethereum Price Monthly Overview 

In the last 30 days, Ethereum has shown a modest increase of 4.39% in price. At the month’s beginning, the altcoin was trading at a low of $2,311 after which it progressed upwards. On analyzing its price actions, the altcoin shows a horizontal channel pattern. This further highlights the aforementioned price consolidation. 

Moreover, Ethereum’s bull power indicator’s value stands at 2.54 while the bear power indicator’s value stands at 2.58 as per TradingView data. In order for the altcoin to witness a bullish takeover, it has to break out of this consolidation phase and overtake the bearish trend. 

Meanwhile, other cryptocurrencies such as Solana and Cardano have shown recovery from the previous day’s dip. 

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