Ethereum price drops below $1.700 after failed breakthrough attempt

The Ethereum price currently stands at $1.700. a decline of 3.1% in the past 24 hours. After an attempt to break above the February high, Ethereum fails to hold that level. The result is a bearish rejection that puts the price under renewed pressure. Analyst DaanCrypto is closely monitoring the situation and points to a key level that could be decisive in the coming period.

Ethereum is available at OKX and Bybit.

Bearish Rejection After Failed Retest

From DaanCrypto’s chart, it is clearly visible that Ethereum has been declining sharply in recent weeks. The price is trading in a range with a high around $2.400 and a low around $1.748, At the end of May and beginning of June, the price broke down hard through that lower boundary, which could be a so-called “deviation”, a false breakout to the downside that precedes a recovery.

However, the attempt to return above the February high falls short. During the retest, sellers gain the upper hand and the price stalls. Such rejections after a failed breakout are typically seen as a bearish signal, and the price now shows this with a further decline towards the $1.680 to $1.700 zone.

The $1.750 Level Is Crucial for the Ethereum Price

DaanCrypto indicates that the level around $1.750 is very important in the short to medium term. A weekly close above that level would be a positive signal for the further price development of Ethereum. For now, that scenario is still on the table, but the price does need to recover quickly to close that weekly candle above $1.750,

The analyst also notes that US markets are closed today due to a public holiday, which results in lower volume and possibly less volatility than usual. That could mean the real test comes only next week, when US trading hours are fully active again. Those following Ethereum news developments know that the price has been struggling for some time to shake off the downward pressure that has been visible since early May.