Ethereum

Momentum

Daily

<ul> 
 <li>Ethereum (ETH) has shown a decline of over 3% in the last 24 hours.</li> 
 <li>ETH is back in the bearish zone as its current price is trading below the 50 EMA.</li> 
</ul> 
Ethereum (ETH), the second-largest cryptocurrency, has dropped below $1700 again, with a decline of over 3% in the last 24 hours. ETH has been <a href="https://thenewscrypto.com/ethereum-price-consolidates-around-1700-traders-await-breakout/" target="_blank" rel="noreferrer noopener">oscillating</a> between $1600 and $1700 for the past few weeks. However, it exceeded $1700 last week. 
Ethereum has traded around $1600 for the past few weeks. On August 29, ETH experienced a sudden price surge, surpassing $1700. ETH has traded above $1700 with an uptrend for a few days, reaching $1741. However, the price surge didn’t last for long. Ethereum has shown a downward trend again, resulting in a price drop below the $1700 mark. 
<h3 class="wp-block-heading" id="h-ethereum-eth-back-to-bearish-momentum">Ethereum (ETH) Back to Bearish Momentum</h3> 
At the time of writing, Ethereum has been trading at $1,649, with a decline of over 3.04% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 45.67%, according to CoinMarketCap.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="608" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-1024x608.png" alt="" class="wp-image-81568" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-1024x608.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-300x178.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-768x456.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-638x380.png 638w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1-150x89.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSD_2023-09-01_10-44-42-1.png 1214w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Ethereum (ETH) Daily Trading Price Chart (Source: TradingView)&nbsp;
 
 </figcaption>
</figure> 
The daily trading chart shows that Ethereum is back in the bearish zone as its current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 32.50, denoting the largest altcoin’s position on the border of the oversold zone.&nbsp; 
If the current trend reverses, ETH will experience a bullish rally to surpass the $1700 mark again. If the momentum continues, it will breach $1750 and even advance to surpass the $1800 level. On the other hand, there is a possibility that Ethereum will experience a <a href="https://thenewscrypto.com/ethereum-price-yet-again-fails-to-break-key-resistance-level/" target="_blank" rel="noreferrer noopener">further downtrend</a>. If it occurs, the price will breach the nearest support level of $1600. In a worst-case scenario, the downtrend will potentially bring it below $1540.&nbsp; 
Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.&nbsp;

Ethereum (ETH) Drops Below $1700 After Declining 3%

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