Ethereum Price Struggles Below $2,000 Amid Ongoing Bearish Pressure

Ethereum is currently trading below $2,000 and shows little sign of recovery. The cryptocurrency has faced downward pressure since early March, with selling dominating the market.

Technical Analysis Indicates Continued Bearish Trend

• Recent analysis using Elliott Wave theory suggests an ongoing bearish trend for Ethereum.
• An ABC correction pattern may dictate Ethereum's future movement.
• The analyst behdark notes recent pivot formations indicate a continuation of this correction.

ABC Correction Pattern Overview

This ABC correction has been unfolding since November 2021:

• Wave A: Initial decline.
• Wave B: Temporary retracement, nearing completion.
• Wave C: Expected to extend the current bearish trend, potentially leading to prices between $760 and $530.

Identified Demand Zones

• First demand zone: $1,350 to $1,080, where buying pressure might emerge.
• Second demand zone: $760 to $530, indicating a deeper correction if the first zone fails.

A significant resistance level exists at $2,941. Closing above this level would invalidate the bearish scenario. Currently, Ethereum trades at $1,930, with limited chances of breaking above $2,941 in the short term.