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The post <a href="https://coinpedia.org/price-analysis/ethereum-struggling-at-crucial-support-what-are-bears-targeting/" rel="noopener noreferrer nofollow">Ethereum Struggling At Crucial Support, What Are Bears Targeting?&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
<ul>
 <li>Ethereum plummets down breaking support zones and still relying on the main uptrend support of $2880.</li>
 <li>The overall trend trunks bearish again after increased selling pressure.&nbsp;</li>
 <li>A reversal can be seen if the buyers keep the price above MA lines ( $2900)&nbsp;</li>
</ul>
The biggest altcoin <a href="https://markets.coinpedia.org/ethereum/" rel="noopener noreferrer nofollow">Ethereum(ETH) </a>was rejected at $2996 and now heading down toward the main uptrend support level at $2880. Currently trading at $2902 with a 24-hour drop of 2.48% and a weekly drop of 5.64%. The downtrend that started after April 13 could never be reversed so far.&nbsp;
On the upside moment, the buyers have failed to maintain the price above moving averages.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/jDdIQAFxMua98kqQL_iSfMD6DKFn2VJsGDRyRt-5ZoVxGkHKWrNwTiNNTBLZZNNIKXZmXixcwKwv_p1ZNlnYirPdMSJoyXoIIOTF1-2NrKPC66zP3bhi4r1TtLPKs4MNC3hCxpYf0jsWaaw879NXJGo" alt="">
</figure>
The 1 hr ETH/USDT Chart says it all, forming a long-standing down-channel in the same range with price reading below the 50 days and 200 SMA isn’t a bull favorable trend. The RSI being more unstable at 35 indicates a slightly unsustainable trend.&nbsp;
<h2 class="wp-block-heading" id="h-dencun-and-spot-etf-approval-on-the-reason-board-nbsp">Dencun, and Spot ETF Approval On The Reason Board&nbsp;</h2>
Ethereum’s downtrend can be seen to be the impact of unfulfilled demands by the Dencun upgrade that was released in March 204. The upgrade was a layer 2 blockchain upgrade to reduce time, and fees and increase the scalability of the network.&nbsp;
The other major impact is the unapproved and long-anticipated Ethereum ETF approval. The recent crackdown on SEC indicates a prolonged wait for the approvals to be in 2025.&nbsp;
Interestingly, today on 14 May data revealed by the analyst “ Data Nerd” shows multiple whale withdrawals. In 24 hours, a total of 78,301 ETH were withdrawn from the exchange wallet. This can also be seen as a sign of accumulations, leading retail buyers to charge up.&nbsp;

Ethereum Struggling At Crucial Support, What Are Bears Targeting?

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