Ethereum Price Plunges Amid Ongoing Crypto Market Weakness

Ethereum (ETH) is trading in a downtrend after falling from above $2,000 earlier this month. The cryptocurrency is currently testing support zones near $1,600, and overall crypto market sentiment remains weak.

The technical outlook for ETH is bearish to neutral, with major support at $1,600-$1,550 and strong support at $1,500. Resistance lies at $1,700-$1,800, and a bullish target of $2,000+ is possible if resistance breaks.

According to the RSI, Ethereum is near neutral territory, suggesting selling pressure is slowing. However, traders are cautioned that ETH is currently near a key support area, and a daily close above $1,700 would improve the outlook, while a break below $1,600 would increase downside risk.