Ethereum (ETH) Might Test $1,700 | Airdrop Alert Pro

Ethereum (ETH) faces sharp corrections, with bearish momentum continuing to dominate the past week, down 11% over the past week. Relative Strength Index (RSI) is still weak, indicating a lack of strong buying pressure, while the Directed Movement Index (DMI) confirms that the seller is still under control.

Additionally, the index’s moving average (EMA) is in a solid bearish structure, suggesting that ETH can quickly set the key support level at $1,756 and below $1,700 for the first time since October 2023.

ETH RSI shows lack of buying pressure

Ethereum Relative Strength Index (RSI) Currently it is 34.4, and it recovered slightly after briefly immersing in 27.4 yesterday. The RSI has remained below 50 points for three consecutive days, indicating that bearish momentum remains dominant.

RSI measures the speed and magnitude of recent price changes to assess whether assets are too much or oversold.

Typically, an RSI above 70 indicates excessive conditions, indicating a possible fallback, while an RSI below 30 signals is too many conditions, which means Sales pressure may be overscaling Bounce may be imminent.

With ETH’s RSI now at 34.4, this suggests that while the assets are still in bearish territory, the extreme sales pressure seen yesterday has eased slightly.

A brief dip below 30 marks the overselling situation, which usually leads to short-term relief gatherings. However, to restore ETH to bullish momentum, RSI needs to climb above 50, indicating a change in market sentiment.

Until then, any upward movement may face resistance and the broader trend remains weak unless Continuous buying pressure drives ETH In bearish areas.

Ethereum DMI shows that the current downward trend is strong

The Ethereum Directional Movement Index (DMI) chart shows that its average directional index (ADX) is currently 29.82, up from 21.9 yesterday.

this ADX measures the strength of a trendValues ​​above 25 indicate a strong trend and a reading below 20, indicating a weaker or non-existent trend. Given the drastic growth of ADX, it confirms that the continued decline in ETH is strengthening.

+di (positive index) dropped from 23.1 in the past day to 15.4, while -DI (negative index) rose from 27.3 to 37.8, Strengthen the seller’s advantages in the market.

With -DI significantly higher than +di, it indicates that bearish momentum is increasing and sellers continue to control ETH’s price action.

The decline in +di indicates that buying pressure is weakening, making it even more difficult ETH for recovery. Unless +di starts to rise and passes -di, the price of ETH may remain stressful.

Given that the ADX is close to 30 and is still climbing, the downward trend seems to have been established well and any short-term relief rally may face strong resistance before a meaningful trend reversal occurs.

Ethereum is still struggling under $2,000

The moving average (EMA) line of the Ethereum index shows a strong bearish setting, with short-term EMA below the long-term.

This alignment confirms the continuation of the downward momentum, Eth has dropped More than 11% in the last 24 hours. If the current trend continues, ETH can test the critical support to $1,756, a level that determines the reduction that is about to drop.

The following decomposition will be exposed Ethereum prices may drop Below $1,700, a level not seen since October 2023, further strengthening bearish sentiment in the market.

However, if ETH manages to reverse its downward trend, the first major resistance to recycling will be $1,996. A successful breakthrough above this level could trigger a stronger recovery, pushing ETH toward the next resistance of $2,320.

If the bullish momentum accelerates, Ethereum may increase revenue To reach $2,546, this will mark a complete shift in the trend structure.

To this end, ETH will require ongoing buying pressure and bullish EMA crossover, indicating a transition to its current bearish phase.