Ethereum's price has been on a steady decline over the past few weeks, showing no immediate signs of recovery. The current market conditions suggest the possibility of a further drop in the coming weeks.On the daily chart, $ETH has consistently fallen since breaking below the 200-day moving average at around $3,000. The price has also breached the $2,700 support, and the next target appears to be the $2,350 level. However, with the RSI now in oversold territory, there's potential for a bullish reversal if the price can reclaim the 200-day moving average.The 4-hour chart reveals $ETH consolidating within a descending channel near the $2,700 level. A rejection at this level could lead to a breakdown of the channel and a move towards $2,350. Conversely, a successful retest of $2,700 might trigger a rally towards the crucial $3,000 threshold.From an on-chain perspective, despite the aggressive downtrend, there might be opportunities for long-term investors. The Ethereum exchange reserve, which tracks the total amount of $ETH held in exchange wallets, has significantly decreased following the recent market crash. This decline in exchange reserves suggests accumulation by investors, which could lead to a supply contraction and eventual price recovery.memecoin #crypto #Ethereum⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.Ethereum's price has been on a steady decline over the past few weeks, showing no immediate signs of recovery. The current market conditions suggest the possibility of a further drop in the coming weeks.On the daily chart, $ETH has consistently fallen since breaking below the 200-day moving average at around $3,000. The price has also breached the $2,700 support, and the next target appears to be the $2,350 level. However, with the RSI now in oversold territory, there's potential for a bullish reversal if the price can reclaim the 200-day moving average.The 4-hour chart reveals $ETH consolidating within a descending channel near the $2,700 level. A rejection at this level could lead to a breakdown of the channel and a move towards $2,350. Conversely, a successful retest of $2,700 might trigger a rally towards the crucial $3,000 threshold.From an on-chain perspective, despite the aggressive downtrend, there might be opportunities for long-term investors. The Ethereum exchange reserve, which tracks the total amount of $ETH held in exchange wallets, has significantly decreased following the recent market crash. This decline in exchange reserves suggests accumulation by investors, which could lead to a supply contraction and eventual price recovery.memecoin #crypto #Ethereum⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice. via /r/Blockmandev https://ift.tt/cSpChlv
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