• Ethereum’s price recently broke below the 100-day moving average, causing a decline towards the $1.7K support region.
• It is important to monitor this region as it may indicate the next movement of ETH’s price.
• If selling pressure persists, the bearish target would be the 200-day moving average at $1625.
Ethereum Price Technical Analysis
The recent break below Ethereum’s (ETH) 100-day moving average has resulted in a decline toward the significant support region of around $1.7K. This area holds psychological importance and closely monitoring it may provide clues about ETH’s future direction. If selling pressure persists, then bears will aim for the 200-day moving average at $1625.
Daily Chart
Ethereum had been trading above its 100-day moving average since April 2021, but on June 10th, it finally broke below this key technical level indicating bearishness ahead. The price has now reached its major support zone at $1.7K where bulls have managed to prevent further declines so far. To continue down, bears need to break through this resistance and set their sights on the 200-day moving average located at $1625 as their next target.
4 Hour Chart
On a 4 hour chart, we can see that ETH has dropped below its lower trendline and reached its important support area of $1.7K which has been supporting it since March 2023. With RSI hovering around oversold territory there is potential for a short term retracement before continuing downwards but if buying pressure increases here then bears could be held back from reaching their next target of $1625 for now.
Conclusion
It is essential to keep an eye on Ethereum’s price action around the critical area of $1.7K as that will give us clues about where ETH is headed in the near future; if buyers are able to defend here then bulls could try to reclaim lost ground otherwise bears could push prices down even further towards their next bearish target of $1625