Ethereum price analysis: ETH corrects lower and approaches $1,700 support

The Ethereum (ETH) price failed to sustain its recent bullish momentum and corrected lower over the past 24 hours. ETH has now approached a significant horizontal support level near the $1,700 mark.

Ethereum is trading at $1,760.19, down by 2.47% in the last 24 hours. Ethereum had rallied to a yearly high of $1,813.75 over the past few days but failed to sustain this bullish momentum. ETH has now corrected below the $1,800 mark and is trading close to a significant horizontal support level at $1,700.

ETH/USD fails to break above the $1,900 psychological resistance

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The ETH/USD pair has been unable to break above the $1,900 psychological resistance level over the last few days. This move has resulted in a pullback in Ethereum price, and it is currently trading close to $1,700 support. The technical indicators are exhibiting mixed signals in the short term.

The Relative Strength Index (RSI) is currently trading at 37 and is trending lower, which indicates that there could be further downside pressure on Ethereum’s price. The MACD has also crossed below the zero line and is exhibiting bearish momentum. The 20-day Exponential Moving Average (EMA) is still above the 50-day Simple Moving Average (SMA). This crossover indicates that the bullish trend is still intact, and a break above $1,800 could push it higher.

Ethereum price analysis on the 4-hour and hourly timeframe

The 4-hour chart for ETH/USD shows that the pair is trading near $1,720 support. The RSI has dropped below 40 and is currently at 35. This slide indicates that Ethereum could trade lower in the short term. Bulls need to break below the $1,650 mark for a more substantial bearish move.

The hourly chart shows that Ethereum’s price is trading near $1,750 and is facing strong resistance at the $1,800 mark. If bulls can break above this level, there could be a rally toward the $2,000 psychological resistance level in the coming days. If bears continue to dominate, Ethereum’s price could drop back to its previous support levels of $1,650 and $1,600.

Overall, it appears that Ethereum is trading sideways and close to the support level of $1,700. If bears break below this level, Ethereum’s price could drop further toward its previous lows of $1,500 or even lower. On the other hand, if bulls can push the price above $1,800, then there could be a rally toward the $2,000 psychological resistance level.

The range between $1,650 and $1,900 will remain critical for the near-term direction of the Ethereum price. A break above this range would confirm a further rally in ETH/USD, while a breakdown would signal an immediate reversal in trend.