Ethereum $ETH price declined almost 11% on Monday. It continued its downtrend the next day and retested its daily support level at $2,359. At the time of writing on Wednesday, it hovers around $2,486 level.

If $ETH continues its downtrend and closes below $2,359, it could extend the decline to retest its February 3 low of $2,125.

The RSI on the daily chart reads 36, facing rejection from its neutral level of 50 on Sunday and points downwards, indicating a bearish momentum.