Ethereum (ETH) Struggles to Break $2.5K Amid Bearish Dominance

• Ethereum slips into the $2.4K mark, losing over 2.50% over the past 24 hours.
• The market witnessed an ETH liquidation of $50.51 million.

Ethereum’s price oscillation over the past few days has left traders anxious due to eminent volatility. Several crypto analysts anticipate that the ETH price might recover with the influx of October.

The ETH price is at a critical juncture as it hovers near strong resistance and support levels. The largest altcoin witnessed a price drop of over 2.50% in the past 24 hours. This decline is reflected in the price, which is currently trading at $2,426, as per CMC data. The daily price chart shows the asset’s struggle to maintain the price at the $2.5K mark.

Moreover, Ethereum recorded the lowest price at $2,405 and the highest at $2,520. Amid this, the market witnessed an ETH liquidation of $50.51 million as per CoinGlass. Meanwhile, the daily trading volume of ETH has increased by over 43.90% to $15.89 billion.

On the other hand, the on-chain data observed that an Ethereum whale who received 150K ETH during the ICO has deposited another 5K ETH, worth $12.2 million, to Kraken. Over the past 15 days, Furthermore, the whale has sent a total of 45K ETH, worth $113.3 million. The whale holds a total of 94,450 ETH, valued at around $230 million in the wallet.

Is a Rebound Possible for ETH?

On the monthly chart, ETH’s price has spiked over 6.40%; a high has formed at $2,685. However, in the past seven days, a series of lows were formed, and the price has plunged 7.70%. The asset has tumbled from $2.6K to $2.3K. An upside price correction was expected amid the volatility, but the bear hold has strengthened till date.

The current bearish pace could trigger Ethereum to collapse to the $2.2K level. If the downside momentum persists, further pullback can be expected below the $2K mark. On the other hand, a rebound above the current price could bring a retest, and ETH might jump toward $2,628.

ETH price chart (Source: TradingView)

While zooming in at the technical chart, the daily Relative Strength Index (RSI) is positioned at 48.16, in the neutral zone. Besides, both the short-term 50 and long-term 200 moving averages of ETH are noted at $2,459, suggesting that the current price momentum for ETH is bearish.

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