Ethereum Price Analysis: ETH Drop to $2.1K Seems Inevitable as Bearish Sentiment Persists

Crypto Blog

Ethereum’s price has been trending lower over the past couple of months and is yet to show a sign of recovery.

As a result, the most probable scenario in the short term is for the market to drop toward the $2,100 support zone. Overall, as long as ETH is trading below its 200-day moving average, the market trend can be considered bearish.The 4-hour chart of the ETH/USDT pair shows a clearer picture of the recent downtrend. After the price lost the $3,000 and the $2,700 support zones, it has been consolidated above the $2,100 level.

With the perpetual futures market having a significant influence on the short-term price action of the crypto market, analyzing the aggregate sentiment of futures traders might give some clues about the future direction.

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