• Ethereum (ETH) price has dropped by 1% today, with the coin now down by 2% in a week and 10% in the last 30 days.
• ETH is currently trading below key support levels of $1,800 and $1,700 respectively, raising fears that it could slip further in the coming days.
• However, most indicators are pointing to a potential recovery for ETH soon due to its solid fundamentals and ongoing adoption.
Ethereum Price Prediction as ETH Drops Below $1700
Current Market Conditions
The Ethereum price has dipped by 1% today, slipping to $1,653 amid a similar market-wide loss for cryptocurrencies. The altcoin is now down by 2% in a week and 10% in the last 30 days but remains up 38% year-to-date. With regards to current market conditions, there is uncertainty surrounding ongoing regulatory actions which could lead to further losses for ETH in the short-term.
Technical Analysis
Most indicators are indicating that Ethereum may be close to hitting bottom as its 30-day moving average (yellow) has fallen below its 200-day average (blue). This is often seen as a necessary precondition of any significant rebound or recovery as it signals more losses in the near term. Additionally, Ethereum’s relative strength index (purple) is also low at present which could lead to fresh rallies anytime soon.
Support Levels Failing To Hold Up
However, Ethereum’s support level (green) has failed repeatedly against selling pressure which resulted in it dropping below key levels of $1,800 and then $1,700 last week. This indicates that it may struggle when attempting to resist further falls below $1,600. Some investors have recently predicted that ETH could sink as low as $1,400 before experiencing any correction.
Factors Impacting Price Movement
The wider market conditions are also impacting Ethereum’s performance with investor sentiment lowered due to recent SEC cases against Coinbase and Binance along with China’s economic outlook being uncertain . Brian Armstrong from Coinbase revealed at the end of last month that the SEC appears unlikely to approve any crypto ETFs this year which could also be influencing prices.
Conclusion
Despite all these factors currently weighing on Ethereum’s performance , most indicators point towards a possible recovery soon due to its solid fundamentals and ongoing adoption across various industries . Ultimately , only time will tell if this prediction turns out true or not .