The price of Ethereum has been consistently dropping over the past few weeks and shows no sign of recovery. It has broken key support levels and could potentially decline further in the coming weeks. However, there is a possibility of a bullish pullback if the market can recover above the 200-day moving average. In the short term, the price has been consolidating in a descending channel around the $2,700 level. If the price is rejected at this level, a breakdown of the channel and a drop to $2,350 is likely. On the other hand, if the $2,700 level is reclaimed, a rally to $3,000 could occur. Despite the downward trend, long-term investors may find the current dip attractive as the Ethereum exchange reserve has been decreasing, indicating that investors are accumulating during the correction, which could lead to a recovery.



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