Ethereum (ETH) is down more than 3% in the last 24 hours.
ETH is back in the bearish zone as its current price is below the 50 EMA. Ethereum (ETH), the second largest cryptocurrency, fell below $1,700, down less than 3% in the last 24 hours.
ETH has fluctuated between $1,600 and $1,700 in recent weeks. However, it crossed $1,700 last week. Ethereum has traded around $1,600 in recent weeks.
On August 29, ETH experienced a sudden surge in price that crossed the $1,700 mark.
ETH traded above $1,700 in an uptrend for a few days, reaching $1,741.
However, the price increase did not last long. Ethereum again showed a downward trend, as a result of which the price fell below the $1,700 mark.
Ethereum (ETH) Back to Bearish Momentum
At the time of writing, Ethereum is trading at $1,649, down more than 3.04% in the last 24 hours.
However, according to CoinMarketCap, ETH’s daily trading volume increased by 45.67 percent.
Ethereum (ETH) Daily Trading Price Chart (Source: TradingView)
The daily trading chart shows that Ethereum is back in the bearish zone as its current price is below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 32.50, indicating that the largest altcoin position is on the edge of oversold territory.
If the current trend reverses, ETH will experience a rally to cross the $1,700 mark again. If the momentum continues, it will cross $1,750 and even reach $1,800. On the other hand, it is possible that Ethereum will experience further decline. If this happens, the price will rise above the nearest support level of $1,600. At worst, a bearish trend could take it below $1,540.