$ETH ETH is struggling to stay above $2,300, with the price dropping more than 4% on Sunday, as selling pressure continues to increase. Due to the selling pressure, ETH remains in a downtrend, with the price unable to garner enough momentum to reverse. If ETH can hold above $2,300, it is likely to enter an accumulation phase, remaining between $2,300 and $2,400 in the near term. As we can see in the price chart, ETH has been quite active last week, recovering after dropping to a low of $2,150 on September 6.

ETH’s gradual recovery helped it surpass $2,300 on Monday. However, it failed to register a significant rally and fell back into the red on Wednesday, falling to an intraday low of $2,280 before recovering and stabilizing above $2,300.

ETH recovered on Thursday, posting a slight gain before rising 3.34% on Friday to help$ETH ETH climbed above $2,400 and settled at $2,442. However, ETH faced strong selling pressure at this level, and with the downward sloping 20-day moving average also acting as dynamic resistance, ETH fell back into the red over the weekend, falling 0.91% on Saturday. Selling pressure increased on Sunday as ETH recorded a more than 4% drop to slide below $2,400, falling to $2,318. Sellers pushed ETH below $2,300 on Monday, as the current week started with continued bearish sentiment.

ETH is currently up 0.68%, with buyers pushing it back above $2,300. However, they have failed to build momentum to reverse ETH’s current downtrend. For a reversal to occur, ETH must break above $2,400. Accumulation above this level could allow ETH to break above $2,500. However, sellers will attempt to overwhelm the support at $2,300. If this level is broken, ETH could drop to $2,100 or lower.

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