The cryptocurrency market is under significant downward pressure, causing the Ethereum price to fall below the psychologically important mark of $1,700. Ongoing macroeconomic stress factors, outflows from spot ETFs, and systematic liquidations of long positions have plunged the second-largest cryptocurrency into a deep correction phase.
Based on current market data from the 4-hour charts, Ethereum is currently in a heavily oversold area. For traders and investors, the urgent question now is where the price floor can be established.
Ethereum Price Analysis: ETH Coin Breaks Below $1,700
The market structure of Ethereum has continuously deteriorated over the past few weeks. After the bulls failed to sustain the price above the psychological level of $2,000, selling pressure accelerated significantly when the horizontal support zone at $1,800 was breached.
The recent drop pushed ETH down to a daily low of $1,661.90 before a slight consolidation began around the mark of $1,663.72.
- The RSI Factor: The Relative Strength Index (RSI) on the 4-hour chart has slipped deep into the oversold territory, currently sitting at a v...
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