At the time of writing, Ethereum had fallen further on its charts. The coin lost about 10% of its value last week. Because buyers have left the market, the bears have gained ground.

The coin’s technical outlook remained bearish, and selling pressure increased. ETHEREUM would remain so for the subsequent few trading sessions.

Over the last 48 hours, the coin has also experienced a sustained sell-off. Ethereum has fallen below its long-term support level of $1900. The coin attempted to recover over the last 24 hours, but bearish price action remains strong at writing. The bears may be putting pressure on the coins to drop below the $1700 mark.

If the price of ETH falls below $1700, it will fall another 19%. For the bulls to take a breather, ETH must trade above $1900.

At the time of writing, the altcoin was worth $1793. Ethereum has not traded near this price level in nearly a year. The altcoin’s overhead resistance was $1900; for bearish pressure to be invalidated, the coin must attempt to trade above $2200.

Local support for ETH/USD was at $1700, which could fall below if the bears continue to drive the price action. The coin’s trading volume decreased and turned green on the chart, indicating positivity.

Ethereum Technical Outlook

Ethereum was trading very close to the level of immediate support. ETH/USD traded below the 20-day moving average, indicating that selling momentum was active and strong. This reading indicated that sellers were in command of the price momentum.

The Relative Strength Index was below the half-line, corresponding to the same. This meant that the market’s buying power was lower. However, there is an increase in the RSI, indicating that buying strength is gaining momentum.

Because of the bullish divergence on the chart, the possibility of a reversal cannot be ruled out; instead, a bullish divergence signals a trend reversal. Ethereum is gaining immediate support at the $1,790 level, and closing the candle above this can drive an uptrend in ETH/USD. A break below $1,790 can extend the selling trend until $1,710. Good luck!