Ethereum May Decline to $1700 if It Loses This Level

Ethereum (ETH), after briefly crossing its previous high of $2120 attained on April 16, is on a downward spiral that started on July 14. The altcoin has broken through an ascending channel, and stapses in progress are indicated from its current level, as its Relative Strength Index stands at 42.74, suggesting consolidation. Crypto’s second largest asset by market cap may owe its stumble to macro events like U.S. Federal Reserve’s 25-basis point rate hikes, or the hefty job figures in the private sector. With Ethereum (ETH)’s Fibonacci retracement leveled at $1800, there is a namable risk of the coin to drop as far as its previous support at $1720, should the it fail to stay above $1786.

At present, it trades for $1835.97, representing a descent of 1.1% in 24 hours. Looking at the manifold bearish signals, Ethereum (ETH) “remains unfazed” from any likely upturn.

Robert Wilson author
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