The price of Ethereum has dropped below $1,900, with a weekly chart showing a significant drop of over 10%. The technical outlook for Ethereum is in favor of the bears, as demand and accumulation for the altcoin have decreased. In order for Ethereum to make a recovery, it is crucial for it to breach the immediate resistance strength from buyers, with the support levels currently at $1,840 and $1,820. The Relative Strength Index showed that sellers outnumbered buyers, with the Moving Average Convergence Divergence forming red histograms, indicating sell signals for the altcoin.

Although most altcoins, including Ethereum, remain bullish on the higher time-frame structure, the decline in the market capitalization of Ethereum indicates a decrease in buyers. With Bitcoin struggling under the $30,000 price mark, many altcoins are also experiencing difficulty in breaking through their immediate price ceilings. The immediate overhead resistance for Ethereum is $1,910, with a move above this level potentially pushing ETH to touch $1,950, facilitating a price recovery.