Ethereum Price Drops Below $1,700 Amidst Bearish Trend

Ethereum's price has taken a significant hit in recent days, plummeting to a low of $1,715. This decline can be attributed to the bears' breach of critical support levels above $2,000 on May 28. As a result, the cryptocurrency's price has been unable to recover, instead fluctuating between the $1,960 low and the $2,000 high over the past five days.

The previous $2,000 support level now acts as resistance, hindering upward momentum and contributing to the decline. Technical indicators suggest that sellers are expected to push the price back to previous lows of $1,800 and $1,700. At the time of writing, Ether's price is $1,779.

The horizontal moving average lines are currently trending downwards, with the 21-day SMA below the 50-day SMA, indicating a downtrend. The cryptocurrency's price has slipped below its moving average lines, further supporting the bearish trend.