Ethereum (ETH) is currently experiencing downward pressure despite a minor 0.76% gain in the past 24 hours. The cryptocurrency is trading at $2,459, but bearish sentiment remains prevalent as technical indicators point towards potential further decline. While Bybit has made significant ETH purchases totaling $574 million over the last four days to stabilize operations following a large hack, market sentiment remains skeptical. 38.6% of trading volume dropped in the past 24 hours making price recovery more difficult. This lack of confidence is further exacerbated by technical indicators suggesting a potential drop to $2,200 if selling pressure persists, and could even fall to $2,000 without strong buying support.