Ethereum has slid on its charts again at the time of writing. Over the last week, the coin lost about 10% of its value. The bears have strengthened in the market because the buyers have left the market.
Technical outlook of the coin remained bearish and selling pressure mounted. The coin would continue to remain so over the next trading sessions.
The coin also witnessed a sustained sell-off over the last 48 hours. Ethereum fell below its long standing support line of $1900.Over the last 24 hours the coin tried to recover itself but the bearish price action is still strong at the time of writing. The bears might be exerting pressure to push the coins below the price mark of $1700.
A fall below the $1700 price mark will cause ETH to tumble further by another 19%. For the bulls to take a breather, ETH needs to trade above the $1900 price mark again.
Ethereum Price Analysis: One Day Chart
Ethereum was priced at $1700 on the one day chart | Source: ETHUSD on TradingView
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