Ethereum’s price declined to around $1,610, extending recent losses. Analyst Crypto Pulse stated the asset followed a projected bearish path, down approximately 34% since a May resistance test. Technical analysis indicates recovery depends on ETH breaking and holding above the $1,686 resistance level.
Ethereum price continues to face pressure, struggling to recover from a steep decline that began after testing major resistance. At report time, ETH traded at approximately $1,610, representing a 24-hour drop of over 3%.
Analyst Crypto Pulse noted Ethereum performed exactly as projected in a May 2 market analysis. “Based on the analysis from Crypto Pulse, the best possible time to go short on ETH would have been when the coin was approaching a critical level of resistance,” as mentioned in a June 24 post.
Technical indicators show Ethereum trading near a Bollinger Band support level of $1,566. The key middle band resistance stands at $1,686, a level buyers must reclaim to signal a stronger recovery.
The Moving Average Convergence Divergence (MACD) suggests downward momentum may be slowing. However, the indicator remains in negative territory, reflecting ongoing selling pressure.
Ethereum’s broad ecosystem supports DeFi, stablecoins, and NFTs, making its price movements influential across the crypto market. A sustained recovery could boost broader market confidence.
Market participants now watch for a potential reclaim of the $1,686 resistance level. Failure to hold this level risks further losses and a retest of lower support zones.
