Ethereum (ETH) slipped sharply today as the global cryptocurrency market posted a 4.8% contraction. The asset currently trades at $2,174.24, marking a steep 10.24% daily decline. Its market capitalization now stands at $262.47 billion, accounting for 10.22% of the entire crypto market. Additionally, ETH recorded a 24-hour trading volume of $24.95 billion, which equates to 10.12% of its market cap.

The broader market sentiment appears pessimistic. Bitcoin has fallen below $99,000, dragging altcoins in its wake. This synchronized decline reflects the high correlation Ethereum shares with macro trends and leading tokens.

Will ETH Recover?

From a technical standpoint, Ethereum breached critical support at $2,300. If bearish momentum sustains, the price may test the next support near $2,100. On the contrary, resistance sits at $2,400. A decisive move above this threshold could open the path toward $2,550. However, without clear accumulation, any bounce may be short-lived.

The Relative Strength Index (RSI) hovers at 31.87, clearly indicating oversold conditions. Historically, such levels often trigger short-term recoveries. Nevertheless, the RSI remains below its moving average of 50.47, suggesting sustained bearish control.

In addition, the Chaikin Money Flow (CMF) reads at -0.10. This negative value underscores capital outflows from ETH, further reinforcing the bearish outlook. The decline in buying pressure, combined with lower highs on the chart, emphasizes a loss of investor confidence.

Moreover, Ethereum’s moving average trend confirms a weakening structure. Price action remains firmly below both short and medium-term moving averages. Notably, no bullish crossover is present, and momentum continues to weaken. Without an MA reversal, upward moves may lack conviction.

Looking ahead, traders should monitor $2,100 and $2,400 closely. These levels could define Ethereum’s short-term fate. A break below $2,100 may invite stronger selling, possibly testing $2,000. Conversely, a rebound above $2,400 could revive minor bullish interest.

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