Ethereum Price Analysis

Ethereum price is nearing a crucial technical level that has historically served as a barrier to upward movement. Recent technical analysis indicates that this resistance zone has triggered past reversals, raising cautions among analysts that another failure to surpass this level could result in a downward correction.

Currently, the altcoin is trading within a descending channel, a pattern often linked to bearish trends. While a few analysts maintain optimism for a potential rebound, others caution that the next move could drive the ETH price lower, with a key support level targeted at $1,700.