Ethereum Price will turn bearish below $1700; Will buyers defend?

• Ethereum Price is in correction mode and buyers struggle to defend the $1700.
• ETH Price corrected 18% approx from the recent swing high at $2141.
• The Ethereum Price Prediction remains bullish till price holds $1600 support.

Ethereum Price corrected 18% approx from the recent swing high and buyers are struggling to defend $1700 support. From the past few weeks, ETH Price is consolidating in a narrow range between $1700 to $1900. The next direction will be visible after the breakout of range on either side. 

ETH Price is sustaining above the 200 day EMA shows positional trend is in the upward direction. Any term correction will have a high probability of bouncing back. The 50 day EMA acts as an immediate hurdle for the bullish traders. However, the EMA is sloping sideways indicates price is likely to consolidate for some more time. 

Ethereum price is trading at  $1778 with an intraday decline of -1.16%. The 24 hour volume to market cap ratio is 0.0326. At the mid of April, Ethereum Price breakout of $2000 hurdle which triggered the positive sentiment and created a hope for more upward momentum. 

However, the rally halted near $2100 and prices faced minor profit booking. ETH price took support near $1800 and prices entered into consolidation. Presently, sellers are attempting to drag the prices down below $1700 to reverse the trend in downward direction.

Correction pending in Ethereum Price

Ethereum Price prediction suggests a rise and the long term outlook remains bullish. The ETH Price performed well in the beginning of 2023 and formed a strong base near $1600. 

Moreover, buyers had tried multiple times to break out of the $2000 but got rejected. It shows sellers are still active on higher levels. Therefore, prices are expected to consolidate in a wide range between $1600 to $2000. The next phase of downfall will begin when prices drop below $1600. 

If the buyers succeed to defend $1700 and $1600 demand zone the possibility of rebound remains high. On the other hand, if the price dropped below the $1600 then it will raise concern for the long term investors. The technical analysis suggests ETH price is in uptrend and downside seems to be limited.

ETH Price: Technical Outlook

ETH Price is forming a long tail bearish candle in a weekly time frame and sellers are trying to erode the previous gains. However, till price sustains above $1600, buyers can anytime bounce back from lower levels. 

Technical indicators like the MACD curve intersect with the moving average but sloping sideways. It indicates prices are likely to consolidate for some more time in a range before deciding further direction. The RSI at 42 pointing downward denotes weakness and might test the oversold territory. 

Conclusion

Ethereum Price Prediction suggests a rise in the long term till price holds the $1600 support. Presently, ETH price is in correction mode and buyers are trying to defend the $1700 support. The technical analysis suggests Ethereum crypto price is in uptrend and probability of defending the support is high. 

Technical levels

Resistance levels: $2000 and $2143

Support levels: $1700 and $1600

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss