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 <p>Ethereum (ETH), the second-largest crypto by market cap, has been on a downward trend since July 14. It should be noted that ETH has constantly seen higher highs and higher lows throughout this year. However, that trend was recently broken when the XRP-ruling rally did not take the coin over its previous high of $2120, attained on 16 April. ETH went a little over the $2k level before dwindling back down. </p> 
 <p>However, the lower high is not the only bearish pattern around Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>). The asset has also broken an ascending channel and it is not showing any signs of recovery. <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> is currently facing resistance at around $1910, with support at around $1833. </p> 
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   <img decoding="async" width="1024" height="555" src="https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp" alt="" class="wp-image-105059" srcset="https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 1536w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/c10f9d636b957631266037d8695c4fc3.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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  <figcaption class="wp-element-caption">
    Source: ETH/USDT Chart by Trading View 
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 </figure> 
 <p>On the other hand, <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>’s price seems to be consolidating at the moment, albeit after registering a lower high, which again points to a bearish development. RSI (relative strength index) currently stands at 42.74, further confirming the consolidation.</p> 
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 <p><strong>Also Read: Ethereum: These <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> Futures ETFs Are Awaiting Approval</strong></p> 
 <p><a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>’s current slump could be attributed to larger macroeconomic developments. The U.S. Federal Reserve recently raised interest rates by 25 basis points. Additionally, the U.S. private sector jobs data registered more jobs than anticipated. The job data could give a reason to the Fed to increase interest rates again later this year, adding to investor caution. </p> 
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 <h3 class="wp-block-heading" id="h-how-far-could-ethereum-fall">How far could Ethereum fall?</h3> 
 <p>Looking at <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>’s Fibonacci retracement level, the asset’s price could fall to around $1800. <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>’s price has already touched the 0.5 fib level, hence we could see a trend reversal soon. However, given that there are more bearish signs than bullish ones, this might not come to fruition. </p> 
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  <img decoding="async" loading="lazy" width="1024" height="555" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-105069 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1536w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1920w" data-eio="j"> 
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   <img decoding="async" loading="lazy" width="1024" height="555" src="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp" alt="" class="wp-image-105069" srcset="https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1536w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/3c66be117630a0e40e6979cfe33463c1.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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  <figcaption class="wp-element-caption">
    Source: ETH/USDT Chart by Trading View 
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 </figure> 
 <p><strong>Also Read: Shiba Inu More Popular Than Ethereum, Dogecoin in the U.S.</strong></p> 
 <p>If ETH falls below $1786, the asset’s price faces a risk of falling to its previous support of $1720. At press time, Ethereum (ETH) was trading at $1,835.97, down by 1.1% in the last 24 hours. </p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>ETH</li> 
  <li>ethereum</li> 
 </ul> 
</div>

Ethereum May Decline to $1700 if It Loses This Level

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