ETH Technical Analysis: Will ETH price Sink To $2000?

With ETH prices cracking under $2500, the downtrend gains momentum and hints at the $2400 breakout. So should you keep holding in this bear market? Key technical points: The ETH price breaks below $2400. The crucial daily EMAs maintain a bearish alignment The 24-hour trading volume of Ethereum is $19.85 Billion, indicating a 16% rise. Past Performance of ETH ETH prices have been under a bearish influence, after failing to surpass the $3500 mark due to the evening star pattern. The falling prices result in forming a resistance trendline and bringing the market value below $2500, accounting for a monthly deflation of 28%. Source-Tradingview ETH Technical Analysis With increased selling pressure over the past week, ETH prices succumbed under $2500, accounting for a 16% fall last week. The high bearish influence creates multiple bearish candles and opposes bullish candle formations. The fast-moving downtrend is facing constant resistance from the 20 DMA. Moreover, the recent bearish crossover of the 20 and 100 may promote a $2400 fallout. The RSI slope maintains a downtrend below the halfway line and approaches the oversold boundary reflecting a surge in the underlying bearishness. Hence, the indicator projects a possible $2400 breakout. The MACD indicator shows the fast and slow lines maintaining a falling trend in the negative territory after avoiding a bullish crossover. Moreover, the histograms reflect a rise in the negative d...