Will Ethereum Price Continue to Decline Amid Slippery Recovery?

• Ethereum price trades at $2.4K, showing brief recovery attempts over the past 24 hours.
• Analysts suggested that ETH might take longer for the bulls to regain strength.

Ethereum (ETH) has witnessed crucial challenges in recent weeks, continuing its downward trajectory. After the recent price slump, ETH extended its bearish momentum, following the launch of a new decentralized exchange, Ethervista, and Ripple’s announcement to add an Ethereum smart contract on XRP Ledger. 

However, market analysts suggested that ETH might take longer for the bulls to regain strength. The asset has experienced a significant pullback, falling below the crucial $2.4K, over the last 24 hours. 

Notably, Ethereum’s daily price movement reflects a 0.15% spike, and in the afternoon hours, the altcoin traded at $2,402. The token’s intra-day high was noted at $2,450 when the price fluctuated briefly. ETH’s daily trading volume showed a 11.55% decline to $13.73 billion, as per CMC data.

Ethereum’s market sentiment continues to stay in the fear zone, as the fear and greed index stays at 34. The market witnessed an ETH liquidation of $17.80 million as per CoinGlass. Meanwhile, the nine-spot Ether ETFs stayed in a bearish zone, with a net outflow of $37.51 million, according to SoSoValue.

Can ETH Bulls Push the Price Up?

Zooming in at the monthly price chart, ETH shows a decline of 3.28%, which noted the altcoin’s low in the $2.3K range. On the other hand, the plummet of ETH sustained over the past seven days with a decline of 5.63%. The asset began the week at $2,545 and eventually fell to $2,343. 

The initial resistance of ETH might be found at $2,450 if a revival befalls. An upside break further sends the Ethereum price toward the $2,490 resistance zone. If Ethereum could not climb above the key resistance, the support on the downside might be at $2.4K. A potential downfall might push the price to $2,309. 

Whereas, the technical chart of ETH reveals the daily RSI positioned at 38.24, stepping into the oversold condition in the market. Moreover, the short-term 9-day and long-term 21-day moving averages suggest the bear hold, noted above the current price momentum at $2,416 and $2,457, respectively. The Chaikin Money Flow (CMF) is observed at -0.01, which infers the money flow and volume are at a declining pace.