Ethereum continues to trade within a tight range around $1,700. The crypto asset’s daily trading volume has decreased by over 21%, signaling declining activity in the market. Market sentiment remains indecisive, with prices fluctuating between gains and losses. Although Ethereum’s recovery attempts have been challenged by persistent bearish pressure, leading to a drop of 2.21% within the last 24 hours, its price remains near the crucial $1,790 support level. If this support is not maintained, a potential further decline toward $1,782 and beyond is possible. 21.21% decrease in trading volume to $13.4 billion shows significant downward pressure on the asset. The market has also witnessed substantial ETH liquidation of $46.15 million, according to Coinglass data. Ethereum closed at $1,772 with a market cap of $213 billion. A break above the crucial $2000 level is needed for ETH to move away from this negative trading zone. 8.9% of daily volume was liquidated as Ethereum trades within the negative territory in the past 24 hours. The bearish outlook is further reinforced by the Moving Average Convergence Divergence (MACD) which has crossed below the signal line, suggesting a potential for further downside if it stays below. The Chaikin Money Flow (CMF) indicator currently sits at 0.15, indicating moderate buying pressure. Ethereum’s RSI at 45.77 shows neutral momentum, neither overbought nor oversold, as it consolidates its position. The Bull Bear Power (BBP) reading of -19.15 underscores the strong bearish pressure on ETH, making a reversal challenging unless there is a significant bullish signal.