Is Ethereum (ETH) Doomed to Slip Further?

• Ethereum (ETH) slipped to $2.4K, plummeting by 2% over the past 24 hours.
• ETH continues to stay in the fear zone, as the index value is noted at 30.

Ethereum’s price oscillation in August has left traders anxious due to eminent volatility. With the influx of September, anticipation of ETH price recovery is high. Several crypto analysts believe the ETH price below $2.6K may not show remarkable upside momentum in the near term.

The largest altcoin witnessed a price drop of 2% in the past 24 hours. This decline is reflected in the price, which is currently trading at $2,436. The daily price chart shows the asset’s struggle to maintain the price within the $2.5K range.

In the last 24 hours, ETH recorded the lowest price at $2,401, and the highest at $2,512. Amid this, the market witnessed an ETH liquidation of $43.31 million as per CoinGlass. Meanwhile, the daily trading volume of ETH has increased by over 67.60% to $12.38 billion, according to CoinMarketCap data.

Can ETH Break the Key Resistance?

ETH’s monthly price chart reveals a drop of 22.60%, which noted the altcoin’s low in the $2.2K range. On the other hand, the plunge of ETH continued over the past week with a decline of 10.87%. The asset’s price traded in red throughout, marking the start of the previous week’s open at $2,745 and eventually falling to $2,443.

The nearby positive breakout of ETH at $2.5K could pave the way for the asset to test its initial resistance at $2,588. On the other hand, if the asset fails to meet the resistance, ETH may likely enter the consolidation zone, which could direct the asset’s price to the $2.3K range.

ETH price chart (Source: TradingView)

While zooming in at the technical chart of ETH, the daily relative strength index (RSI) is positioned at 37.35, entering into the oversold zone in the market. Moreover, the asset’s daily frame indicates a bearish rally as the short-term 9-day and long-term 21-day moving averages are noted above the current price momentum.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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