ETH prices fail to surpass the $2160 mark resulting in a downfall continuation and a falling wedge formation. Will the downfall reach $1700? Key technical points: ETH price crack under $2000 and heads to the descending support trendline. The Stochastic RSI threatens a bearish reversal with a negative crossover. The 24-hour trading volume of ETH is $14.34 Billion, indicating a fall of 6.09%. Past Performance of ETH In April, the ETH price saw a sudden bearish takeover at $3573, plummeting the market value to $2730. Following the bearish trend, the Ethereum price broke the $2730 level this month, and the rapid selling momentum continued to fall below the $2000 level. Source-Tradingview ETH Technical Analysis The downfall in ETH prices continues despite a couple of bullish attempts to surpass the $2160 mark resulting in a short falling wedge pattern. Furthermore, the recent retracement with higher price rejection warns of a bearish fallout to crack under $1900. The crucial daily EMAs continue to maintain a falling trend while the spread bearish increases, which provides multiple resistance spots. Coming to the technical indicators, the RSI slope fails to sustain an uptrend in the nearly oversold zone as it experiences an abrupt increase in selling pressure. Moreover, the Stochastic RSI has the lines K and D that end the upward trend and are ready to gain a bearish spread after the recent merger. In conclusion, as the sellers rega...
