The price of Ethereum has been up and down lately. It's the second most valuable cryptocurrency, but it's been dropping. In the last month, it went down by over 11%, in the past week, it dropped by 9.31%, and in the last 24 hours, it fell by almost 2%. Let's take a closer look at what's going on with Ethereum's price and if it might bounce back soon.

Ethereum's price has been falling recently, following the overall decline in the cryptocurrency market. Currently, it's trading at $2,892.53, the lowest it's been in two months. However, the amount of trading happening has gone up by 35%, reaching $8,291,166,546.

One reason for the drop could be big investors, known as whales, making moves on the network. Data shows that one whale deposited a significant amount of Ethereum on the Coinbase exchange, which might have affected how other Ethereum holders feel about the cryptocurrency. Indicators like the MACD and exponential moving averages suggest there's selling pressure on Ethereum right now.

People are wondering if Ethereum's price will go up again soon. With the overall market down, Bitcoin's price has also fallen. So, seeing Ethereum's price drop temporarily isn't surprising. Some experts think Ethereum could drop even lower, maybe to around $2,500.

One analyst, Benjamin Cowen, has been keeping an eye on Ethereum's price compared to Bitcoin's and has been saying Ethereum might keep going down. He thinks it could settle around $2,500, similar to where it was in April 2021.

Right now, Ethereum has broken through a key level of support at $2,910 and is on a downward trend. If it keeps going down, the next support level is around $2,865, and if it falls below that, it might go down to $2,650. But if it goes back up and reaches $2,950, it could climb as high as $3,250 in the coming days.

Ethereum holders are also worried about news from the U.S. Securities and Exchange Commission (SEC) about proposals for an Ethereum Spot ETF. The decision keeps getting delayed, and with each passing day, the chances of approval seem to decrease, which affects Ethereum's price. People are hoping for good news from the SEC, as that could help Ethereum's price rise closer to its all-time high of $4,891.70.

In conclusion, Ethereum's price has been on a rollercoaster ride lately, influenced by various factors like market trends and investor sentiment. Whether it will recover soon depends on a combination of market movements and external news, such as the SEC's decision on ETF proposals.