Ethereum (ETH) continued its struggles as bearish sentiment intensified over the weekend, pushing it to a low of $2,287 on Sunday. With markets in the red, ETH has remained in the red during the current session as sellers look to drive the price lower. The altcoin has been down over 5% over the past 24 hours as it looks to reclaim the $2,300 level. According to data from TradingView, ETHâs price collapse has resulted in the ETH/BTC ratio dropping to its lowest level since April 2021, falling to 0.038 on September 16
ETH struggled to push above $2,400 last week despite making a strong recovery after dropping to a low of $2,150 last Friday, a level at which buyers thronged the market to push ETH higher. By Tuesday, ETH had recovered and risen to $2,389, but it fell back on Wednesday as the resistance at $2,400 came into play, and ETH saw active selling. Sellers attempted to drag ETH below $2,300 but could not do so, thanks to strong support. As a result, ETH recovered on Thursday, registering an increase of 0.91%, and settled at $2,363. ETH pushed $2,400 on Friday, registering an increase of 3.34% and settling at $2,442.
However, with the 20-day SMA coming into play, ETH fell back into the red over the weekend. ETH registered a 0.91% drop on Saturday and a substantial 4.21% drop on Sunday to slip back below $2,400 and settle at $2,318. The current session sees ETH down just over 1%, trading at $2,294. ETH has strong support at $2,300; buyers will look to reclaim this level to prevent further downside. However, if sellers continue to dominate, ETH could slip below $2,200 and drop to $2,150 or $2,100 
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