During the previous week, Ethereum’s price remained stable between $2,000 and $1,700. As a result, the price of ETH has remained constant over the last seven days, losing 2.5 percent of its value. While BITCOIN has dropped below the $29,000 mark, ETHEREUM has lost its grip on the $1800 mark and is approaching the $1700 support level.

Furthermore, the price behavior of ETH indicates a significant risk of negative consequences, which could push the cryptocurrency’s value below $1700.

If investors fail to defend the critical support level of $1,700, ETH is more likely to fall to the next significant level of $1,450, which is also its all-time high in January 2018. When a triangle forms, the cryptocurrency’s price will usually break away from the cluster once it has gone through about 70% of the triangle.

Ethereum’s Bottom is Still a Good Sign

Analysts believe Ether’s bottom may be between $1700 and $1800, noting that the cryptocurrency’s local low is close to its previous ATH because it indicates “a significant amount of pain was felt,” according to former Bitmex CEO Arthur Hayes.

The price of Ethereum, like Bitcoin, is determined by supply and demand in a global market. The price of Ether may fluctuate in the short term as demand exceeds supply and vice versa. In the past, ETH has done better than traditional assets like bond indices and big stocks over the long term. On a daily basis, the total market cap of Ethereum is $216.6 billion.

Since sellers breached the $2800 support level, the market price of Ether has been declining. In May, buyers struggled to keep their market value above $2,000. As a result, the selling pressure increased dramatically in April.

The Bears Can Still Maintain Control

Ether’s current price is $1,862.50, representing a 1.24 percent increase in the last 24 hours. Ethereum’s recent price movement has resulted in a market capitalization of $212.6 billion.

Ether appears to be vulnerable in the future because it cannot convert levels of resistance into support. However, despite the rally at the end of May, buying pressure is waning, which could give bears the upper hand. Good luck!