{"id":537667,"date":"2023-06-13T19:00:33","date_gmt":"2023-06-13T19:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537667"},"modified":"2023-06-13T14:55:44","modified_gmt":"2023-06-13T14:55:44","slug":"ethereum-bears-set-their-sights-on-next-downside-target-if-1700-support-breaks","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bears-set-their-sights-on-next-downside-target-if-1700-support-breaks\/","title":{"rendered":"Ethereum Bears Set Their Sights On Next Downside Target If $1,700 Support Breaks"},"content":{"rendered":"
The price of Ethereum is currently on a downtrend and is approaching a significant support level. In the past 24 hours, there has been little movement on the chart, while on the weekly chart, ETH has experienced a depreciation of over 3%.<\/p>\n
This downtrend in Ethereum is consistent with the volatile behavior of Bitcoin, which has been moving back and forth around the $26,000 price mark. Other altcoins have also been exhibiting similar patterns and the technical analysis of Ethereum indicates a bearish influence.<\/p>\n
Both the demand and accumulation levels on the chart have remained low. So it is crucial for Ethereum to move away from the $1,700 support line to avoid further bearish pressure. If the price falls below this level, it may become challenging for Ethereum to recover.<\/p>\n