Ethereum (ETH) Drops Below $1700 After Declining 3%

• Ethereum (ETH) has shown a decline of over 3% in the last 24 hours.
• ETH is back in the bearish zone as its current price is trading below the 50 EMA.

Ethereum (ETH), the second-largest cryptocurrency, has dropped below $1700 again, with a decline of over 3% in the last 24 hours. ETH has been oscillating between $1600 and $1700 for the past few weeks. However, it exceeded $1700 last week.

Ethereum has traded around $1600 for the past few weeks. On August 29, ETH experienced a sudden price surge, surpassing $1700. ETH has traded above $1700 with an uptrend for a few days, reaching $1741. However, the price surge didn’t last for long. Ethereum has shown a downward trend again, resulting in a price drop below the $1700 mark.

Ethereum (ETH) Back to Bearish Momentum

At the time of writing, Ethereum has been trading at $1,649, with a decline of over 3.04% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 45.67%, according to CoinMarketCap. 

The daily trading chart shows that Ethereum is back in the bearish zone as its current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 32.50, denoting the largest altcoin’s position on the border of the oversold zone. 

If the current trend reverses, ETH will experience a bullish rally to surpass the $1700 mark again. If the momentum continues, it will breach $1750 and even advance to surpass the $1800 level. On the other hand, there is a possibility that Ethereum will experience a further downtrend. If it occurs, the price will breach the nearest support level of $1600. In a worst-case scenario, the downtrend will potentially bring it below $1540. 

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts. 

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• Source: https://thenewscrypto.com/ethereum-eth-drops-below-1700-after-declining-3/