Ether holds $1700 support level

ETHUSDT

Ether's feeble rebound from the robust support at $1,700 implies a lack of demand at higher levels. When a consolidation phase occurs near a support level, the risk of a breakdown increases. Therefore, buyers must promptly propel the price above the moving averages to regain control.

Achieving this could prompt the ETH/USDT pair to first rise to $1,928 and then set its sights on overcoming the overhead resistance at $2,000. Conversely, if the price turns down from the current level or the moving averages, it would indicate bearish sentiment as sellers take advantage of every minor rally. Such a scenario could drive the pair below $1,700, with the potential for further decline towards the minor support level at $1,600. If even this support fails to hold, the decline may extend towards $1,352.