The cryptocurrency market is under severe downward pressure, which causes it Ethereum price to drop from the price needed in the opinion of $ 1,700. The ongoing financial crisis, the emergence of ETFs, and the systematic liquidation of long positions have made the second largest cryptocurrency a highly prepared sector.
According to the latest data from the 4-hour charts, Ethereum is currently in an oversold zone. For traders and investors, the urgent question now is where the price floor will be set.
Ethereum Price Analysis: ETH Coin Breaks Below $1,700
The structure of the Ethereum market has increased over the past few weeks. After the bulls failed to hold the price above the psychological level of $2,000, selling pressure accelerated when the horizontal support area at $1,800 was breached.
The recent decline pushed ETH to a daily low of $1,661.90 before a short consolidation began around $1,663.72.
- RSI Factor: The Relative Strength Index (RSI) on the 4-hour chart has entered deep into the oversold zone, currently at the price level. 19.00.
- Market Opinion: An RSI value below 30 indicates that the stock has fallen significantly over time. However, a strong bearish trend indicates that a definitive reversal has not yet begun. Many traders are waiting for the stability of the market as a whole, which is often highly dependent on the movement of the $Bitcoin market.
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The Next Critical Support for ETH
Since $1,700 is now serving as near-term resistance, market participants are looking at historical and key horizontal levels to determine potential reversals.
1. Downstairs: $1,600
The $1,600 mark represents the first line of defense for the bulls. This area acts as a major emotional barrier and has historically been the place where many buyers entered the market (collection point). If the bulls don’t act aggressively now, another withdrawal is at risk.
2. Macro Support: $1,200
If the financial risk in the economy continues or increases, the next long-term price is at the price of $1,200. A decline in this area could mean a significant decline in the current market.
3. Refusal to Refund: $1,800 and $2,000
For a long-term bearish market to be disrupted, $ Ethereum You should establish a stable base above $1,600 and then withdraw $1,800 a symbol. Only a sustained break above this resistance would open the way for a review $2,000 rate.
