ETH price tumbles on Monday with no surprises, extending the previous week’s sluggish tone. The price has been in an extended downward trend that was set in April. The fresh trading week looks no different as the bears continue to rule the crypto space. The price briefly breaches the $2,400 mark but quickly recovered to $2,430 as of writing.
- ETH price trades in red with heavy selling volume on the first day of the week-long trading session.
- Expect more downside as the sellers make their presence prominent below the $2,400 mark.
- Any reversal is extremely limited amid highly negative sentiment in the global market.
ETH price remains downward biased
ETH price remains fragile near multi-month support level while playing around $2,400. Although, the price already started the decline after tagging the swing highs near $4,867.81, a bounce back from $2,300 resulted in an upswing of 23%. But, it proved to be short-lived as the price retraced back in the May series.
Another red signal for ETH is that the price remains pressured below the 50-day and the 200-day EMAs (exponential moving average). If the price slips below $2,400 on the daily basis, get ready for another downside impulse. In that case, investors shall collect the liquidity extending from $2,000 to $1,700.
On the flip side, a daily close above the session’s high might produce some relief rally in ETH. First, the price would make an attempt to take out Friday’s high of $2,757 followed by the 50-day EMA at $2,916.
As of publication time, ETH/ USD is trading at $2,409, down 4.63% for the day. The second-largest cryptocurrency by the market cap is containing a 24-hour trading volume of $26,991,345,016 according to CoinMarketCap.
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RSI: The relative strength index approaches the oversold zone. It reads at 28, not far from the double bottom formed in February.
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