The Ethereum price was at $1,588.47 last week but has gained 2.9% in the current week, with ETH falling -1.7% in the last 24 hours as bearish sentiment now prevails in the cryptocurrency market.
After promising gains, the asset failed to establish the serious support levels needed to sustain the upward momentum. The lack of strong support levels left Ethereum vulnerable to a sharp reversal, resulting in a price drop.
Currently, the price of ETH stands at $1,639.70.
The highest price ever recorded for ETH is $4,786, which was 22 months ago. It is worth noting that the long-term outlook for the second cryptocurrency remains optimistic, and ETH could reach $1,933.97 in 2024.
The short-term outlook based on technical price analysis remains bearish, as out of 17 technical indicators, 13 point to sell. The Fear and Greed Index shows a value of 50 (neutral). According to the chart, the next resistance level is at $1,906 and the support line is at $1,612.
If the ETH/USD pair closes below $1,612, the price will go even lower. On the other hand, a close above the $1,906 level will cause the pair to rise significantly and reach new levels.
The Relative Strength Index (RSI) on the weekly chart is at 62.00, indicating natural market conditions with no overbought or oversold conditions. The ETH price is currently below all of its exponential moving averages.
According to the forecast of Traders Union experts, the Ethereum price could reach $1,857 in a week, on October 10, and the long-term forecast for 2025 is $2,117.
Read also: Ripple has received a license from the Monetary Authority of Singapore.