Ethereum Price Prediction as ETH Drops Below $1,700 – Will ETH Keep Falling?
The Ethereum price has dipped by 1% today, with its fall to $1,653 coming amid a similar loss for the cryptocurrency market as a whole.
ETH is now down by 2% in a week and by 10% in the last 30 days, with the market's biggest altcoin remaining up by 38% since the beginning of the year.
Given the uncertain state of the wider market (especially in relation to ongoing regulatory actions), it remains possible that ETH could slip a little further in the coming days, especially when it has recently fallen below the key support levels of $1,800 and then $1,700.
However, ETH's solid fundamentals will ultimately translate into a recovery somewhere down the line, especially when Ethereum continues to attract more adoption than the vast majority of its rivals.
Ethereum now looks very close to hitting a bottom, with its indicators running out of space to fall and looking as though they could turn positive at any minute.
Most notably, the coin's 30-day moving average (yellow) has dropped below its 200-day average (blue), forming a 'death cross' that can signal more losses in the short-term.
However, such a cross is often a necessary precondition of any significant rebound and recovery, with ETH's relative strength index (purple) also in a low position that should lead to fresh rallies anytime soon.
Such rallies may not follow immediately, however, sine ETH's support level (green) has repeatedly failed to hold up against repeated selling pressure, having dropped below the all-important $1,800 last week
This fall below $1,800 created a weakness that resulted in ETH then dropping below $1,700, implying that it may also struggle to resist a fall below $1,600.
Some investors have recently predicted that ETH could sink as low as $1,400 before
Read more on cryptonews.com
