Ethereum price tried to rise on its daily chart at the time of writing. Over the last 24 hours, ETH rose by 2%, price action continues to be mundane.
In the last week, the Ethereum price fell by 21%. Technical indicators pointed towards continued bearishness.
Buying strength declined substantially, which has pushed the price of Ethereum closer to its immediate support line.
If buyers do not defend the closest support line, then Ethereum could head for a further decline on its one day chart.
For the bearish thesis to be invalidated, ETH has to hop past several resistances. Selling dominance can further push the altcoin down.
With the price of major market mover Bitcoin declining on its respective chart, most altcoins have followed suit.