Ethereum and most top altcoins have suffered a substantial loss amidst the latest crypto market’s downfall. The bears are stepping back to pull the price to $1,700 in the next few days. It lost 2.5% overnight.

Following last week’s recovery that pushed the price above the $1900 level last weekend, Ethereum’s price broke slightly above the important descending trendline and traded above it for the first two days of the week. 

Unfortunately, it lost that level today and rolled back under the trendline due to multiple rejections. Some bulls are already trapped with the fake-out as they could suffer more loss if the price continues to dip.

The latest reaction shows a strong bearish commitment to price as they gear up to unleash more pressure in the market. However, the wedge’s lower boundary is the sell target to pay attention to in this fresh dip. 

If the bears pull lower in the next few days, ETH may encounter some tough supports around the $1,750 level before dropping further. As shown on the daily chart, the volume indicator is still on the fall with no signs of increase yet.

Considering more positive action to take place, Ethereum would need to reclaim Monday’s high of $1,926 to bring the bulls back into the market. But with the look of things, the bears appear set to stir the wheel one more time before the bulls can gain control.

In the meantime, the potential level for a rebound lies at $1,788. If this price level fails to produce support, the next levels to consider for drops are $1,722.9 and $1,678.9, sitting right on the wedge’s lower boundary.

A recovery above the immediate $1,883 resistance level could pave the way for more push to the $1,948 resistance level, located above the weekly high. After that $2,030 and $2,160 are the next buying targets to watch.

Key Resistance Levels: $1,883, $1,948, $2,030

Key Support Levels: $1,788.4, $1,722.9, $1,678.9

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: issaronow/123RF // Image Effects by Colorcinch

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