ETH downtrend to continue, selling pressure may rise below $1.8K

Ethereum (ETH) remains in a medium-to-long-term bearish structure as it trades below key moving averages, CryptoPotato reported. The outlet explained that on the daily chart, ETH is currently trading below its 100-day and 200-day moving averages, both of which are trending downward, suggesting the long-term market trend is still in a bearish phase. Recent rebounds have repeatedly failed to reverse the trend, stalling at resistance levels. Furthermore, the Coinbase Premium Index, a market sentiment indicator, shows no signs of upward momentum. ETH is currently trading above $1,800, a level that has served as a key support line since a sharp drop in February. If this support breaks, the price could see a further decline below its February low of around $1,747. Conversely, a break above the $2,150 resistance level could be interpreted as a sign that buyers are beginning to regain control of the market.