Ethereum Struggling At Crucial Support, What Are Bears Targeting?

• Ethereum plummets down breaking support zones and still relying on the main uptrend support of $2880.
• The overall trend trunks bearish again after increased selling pressure.
• A reversal can be seen if the buyers keep the price above MA lines ( $2900)

The biggest altcoin Ethereum(ETH) 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. 

On the upside moment, the buyers have failed to maintain the price above moving averages. 

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. 

Dencun, and Spot ETF Approval On The Reason Board

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. 

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. 

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 In 24 hours, a total of 78,301 ETH were withdrawn from the exchange wallet.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.