Ethereum price hits lows: recovery possible towards $1.750

The Ethereum price is under pressure. With a decline of 5.3% in the past 24 hours, ETH is currently trading around $1.550 and is once again touching the recent bottom zone. Analyst TedPillows sees the momentum as weak for now, but points to a possible recovery point if Ethereum manages to reclaim $1.750,

Ethereum is available at OKX and Bybit.

Weak momentum due to broader market correction

According to TedPillows, the current weak picture of the Ethereum price is mainly due to the broader correction in the crypto market. ETH is once again touching the lows, which shows that no clear bottom has yet been formed. The daily chart shows several strong support and resistance levels, with $1.750 and the zone around $1.450 standing out as important support areas.

Resistance is much higher, around $1.870 and further up towards $2.400, As long as Ethereum remains below $1.750. there is little reason for optimism in the short term. ETF flows are also not contributing to positive sentiment: ETF flows for Ethereum were again strongly negative and had already been negative for four consecutive days before that.

Chance of a rally if $1.750 returns

Yet TedPillows is not exclusively negative about Ethereum. If the price manages to reclaim $1.750. the analyst expects a so-called relief rally in the month of July. On the chart, he outlines multiple scenarios: a bounce from the current level towards $1.870. followed by a possible pullback and a new attempt upward.

An alternative scenario shows a further decline towards the green support zone around $1.450. before a recovery movement begins. Whichever path Ethereum chooses, the key lies at the $1.750 level. It serves as the dividing line between further pain and a potential recovery in the coming weeks.