Bearish Trends Plague Ethereum, As Its Price Dips Below $2,000

The price of Ethereum, the second largest cryptocurrency, has dropped below $2,000 as sellers gain momentum against buyers.

Retail traders are hesitant to make new trades due to market uncertainty, and traders are waiting for a breakout above the weekly candle or below the weekly low for a clearer direction.

Bears are waiting for a 50-day moving average breakdown to aggressively dump ETH, while sellers' participation can be seen in the market as the trading volume almost doubled in the last 24 hours.

The hourly chart shows a head and shoulders pattern, and if traders follow this signal, Ethereum's price could decline towards $1730.

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