Ethereum

Flow

when

<ul>
 <li><strong>Ethereum price trades at $2.4K, showing brief recovery attempts over the past 24 hours.</strong></li>
 <li><strong>Analysts suggested that ETH might take longer for the bulls to regain strength.</strong></li>
</ul>
<p>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, <a href="https://thenewscrypto.com/trader-nets-670k-with-ethervista-token-amidst-15x-price-surge/" target="_blank" rel="noopener noreferrer nofollow">Ethervista</a>, and Ripple’s announcement to add an Ethereum smart contract on XRP Ledger.&nbsp;</p>
<p>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.&nbsp;</p>
<p>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 <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.</p>
<p>Ethereum’s market sentiment continues to stay in the fear zone, as the fear and greed index stays at 34. The market <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">witnessed</a> an ETH liquidation of $17.80 million as per CoinGlass. Meanwhile, the nine-spot Ether ETFs stayed in a bearish zone, with a net <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">outflow</a> of $37.51 million, according to SoSoValue.</p>
<h3 class="wp-block-heading" id="h-can-eth-bulls-push-the-price-up">Can ETH Bulls Push the Price Up?</h3>
<p>Zooming in at the monthly price chart, <a href="https://thenewscrypto.com/ethereum-futures-trading-volume-on-cme-hits-multi-month-low/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> 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.&nbsp;</p>
<p>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.&nbsp;</p>
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXddC1h6LpKEdfydOMj2g2bcVV0sjVawqe-xBuEapJeSUvKfvPS_fqS4RIY7YhF5LpOQiQjmLYUG4Qyve4_Mvmkhoaap1ueockqGiIq07D04C1A_MbJrnB2Jh6LeJ8YS0CaVC1meTsEOlwJ-qd5N-JlcJOms?key=ZUHOkpJsj0k5x2yer8y3cg" alt="">
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<p>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 <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BINANCE%3AETHUSD" target="_blank" rel="noopener noreferrer nofollow">observed</a> at -0.01, which infers the money flow and volume are at a declining pace.&nbsp;</p>

Will Ethereum Price Continue to Decline Amid Slippery Recovery?

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