Ethereum Under Pressure: Recovery Fails as Price Slips Below Key Supports

Ethereum (ETH) is showing signs of renewed vulnerability after a brief attempt at recovery stalled near the $1,720 mark. The second-largest cryptocurrency by market cap has entered a downside correction, failing to maintain its momentum above critical psychological and technical thresholds, leaving traders cautious about a potential deeper slide.

The Battle for Momentum

Following a peak at $1,720, Ethereum’s price failed to sustain its footing, mirroring a broader market stumble. The bears successfully pushed the price below a bullish trend line at $1,700, eventually breaking the $1,665 support level. Currently, the asset is trading below both the $1,680 mark and its 100-hourly Simple Moving Average, signaling that the immediate trend has shifted back in favor of the sellers.

Crucial Support and Resistance Zones

While the outlook appears cautious, buyers have shown some defensive activity near the $1,610 level. If the bulls can hold this zone, a renewed attempt to test the $1,710 resistance remains possible, with potential targets extending toward $1,850. However, technical indicators such as the MACD are gaining bearish momentum, and the RSI has dipped below the 50 mark. Should Ethereum fail to clear the $1,710 hurdle, it faces the risk of a deeper decline toward the $1,585 Fibonacci retracement level, with major psychological support sitting further down at the $1,500 mark.