• Ethereum’s price recently broke below the 100-day moving average, leading to a decline towards the significant support region of around $1.7K.
• If selling pressure persists and causes a further decline below this support region, the bears’ next target would be the 200-day moving average at $1625.
• On the 4-hour chart, the price has finally dropped below the lower trendline of the channel and reached the major support zone at $1.7K.
Ethereum Price Breakdown
Ethereum’s price has recently broken below its 100-day moving average, resulting in a decline toward an important support region of around $1.7K. It is critical to closely monitor this area as it may give an indication of ETH’s next movement. On the 4-hour chart, Ethereum’s price has dropped beneath its lower trendline and hit a major support zone at $1.7K.
Significant Support Region
The significant support area near $1.7K holds psychological significance as it has been providing stability to Ethereum’s price since March 2023. As RSI indicator is currently hovering in its oversold territory, there could be a possibility for a short term retracement before initiating another move downwards if selling pressure continues to prevail in this area.
Bearish Target
If selling pressure persists and causes ETH’s price to go beneath this key level of support, then bears‘ next objective would be the 200-day moving average which stands at $1625 mark. This bearish outlook would increase if Ethereum fails to hold above its current level within coming days and weeks ahead as well as any positive catalysts will have to come from external sources instead of organic development for reversing this possible downtrending trajectory anytime soon in near future .
Technical Indicators
In order to get more insights about ETH’s current market situation, let us take into account some technical indicators such as Relative Strength Index (RSI). The RSI indicator is currently located in its oversold section on both daily and 4 hour charts which suggests that there might be some opportunities for short term retracements before initiating another downleg if bears successfully break through current levels present near $1700-$1750 range on daily close basis respectively .
Conclusion
It is essential to keep track of what happens around Ethereum’s key level of support near $1700-$1750 mark on daily closing basis as any breakdown through these levels on consistent basis could cause further declines towards longer term bearish targets present near 200 day moving averages respectively .