#Ethereum (ETH) is struggling to stay above $2,300, with the price tumbling over 4% on Sunday, as bears continue to exert influence. As a result of the selling pressure, #ETH has remained in a downward trend, with the price unable to garner enough momentum for a reversal. If ETH can stay above the $2,300 level, it is likely to enter a consolidation phase, staying within $2,300 and $2,400 in the near term. As we can see in the price chart, ETH was fairly positive last week, rebounding after it dipped to a low of $2,150 on September 6. ETH’s gradual recovery saw it push back above $2,300 on Monday. However, it was unable to register a significant push upwards and fell back into the red on Wednesday, dipping to a day low of $2,280 before recovering and settling above $2,300.
ETH recovered on Thursday, registering a marginal increase before a 3.34% increase on Friday saw ETH climb above $2,400 and settle at $2,442. However, ETH faced significant selling pressure at this level, and with the downward-sloping 20-day SMA also acting as a dynamic resistance level, ETH fell back into the red over the weekend, dropping by 0.91% on Saturday. Selling pressure intensified on Sunday as ETH registered a drop of over 4% to slip below $2,400, dropping to $2,318. Sellers pushed ETH below $2,300 on Monday, as the current week began with bearish sentiment persisting.
ETH is currently up by 0.68%, with buyers pushing it back above the $2,300 level. However, they have failed to build momentum to reverse ETH’s current downward trend. For a reversal to take place, ETH must push above $2,400. Consolidation above this level could allow ETH to push above $2,500. However, sellers will try to overwhelm the support at $2,300. Should this level be breached, ETH could drop towards $2,100 or lower.
