The Ethereum price continues losing momentum amid the ongoing market uncertainty. Despite recording a new all-time high in its accumulation, the ETH price has plunged by over 20%, raising concerns about its future price prospects.

Despite a long-term bearish price action, most investors are considering this to be a good opportunity to invest in the largest altcoin by market cap. Are you one of many who are planning on investing in this digital asset but are concerned about its prospects? Read this article to uncover the possible mysteries!

ETH Price Retests Its Important Support Trendline!

The price of Ethereum has dropped ~1% in 24 hours with a trading volume of $20.057 billion. Despite recording a jump of 2.17% in the last seven days, this altcoin has dropped by 18.21% over the last 30 days and has a YTD return of -20.52%.

The EMA 50/200-day is on the path of experiencing a Death Cross in the daily time frame. This highlights a strong bearish sentiment for the altcoin in the crypto market.

Furthermore, the MACD indicator records a constant red histogram with its averages displaying a similar price action. This suggests an increase in the selling-over-buying pressure for the altcoin in the upcoming time.

Will ETH Price Ever Recover?

Suppose, a bullish trend reversal occurs, in that case, the Ethereum price will retest its immediate resistance level of $2,870. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $3,300 in the coming time.

Conversely, a sustained bearish action could pull the price toward its immediate support level of $2,530. Furthermore, if the bearish sentiment intensifies, this could pull the price of ETH token toward its crucial low of $2,175.

Wondering if the largest altcoin by market capitalization will achieve $5k this year? Read our Ethereum Price Prediction to explore the long-term possibilities!