Ethereum Price Prediction as Market Sell-Off Sends ETH Below $1,800 Level – Where is the Next ETH Support?

cryptonews.com:

The price of Ethereum (ETH) has dropped by 6.5% in the past 24 hours, with its fall to $1,637 coming as the cryptocurrency market continues to suffer losses amid regulatory uncertainty.

ETH is now down by 11% in the past week, although it does remain up by 52% in the last 12 months, with the coin having recovered relatively well since the start of the year.

But with the SEC's recent enforcement actions causing a mix of investor panic and liquidity loss, ETH has plunged below a couple of important support levels in the past few hours, raising the possibility of further falls to come.

However, Ethereum's fundamentals remain strong, and with the coin escaping the SEC's mention in the regulator's recent complaints, it's better placed to recover in the coming months than many of its rivals.

If there's anything positive that can be said about ETH's fall today, it's that its indicators now suggest that it can really fall much lower and should rebound sooner or later.

For one, ETH's relative strength index (purple) is now below 30, signalling that the altcoin is very undersold and should (all other things being equal) recover in the near future.

Likewise, its 30-day moving average (yellow) has dropped very far below its 200-day average (blue), something which in normal circumstances would indicate a recovery in price.

But with ETH's support level (green) plunging to new depths, it can't be predicted with any real conviction that the coin has quite finished falling.

It fell through the long-term support of $1,800 overnight, and then quickly fell through $1,700 as well.

There's nothing to suggest that it won't fall through $1,600 either, given how badly affected alts have been as a result of the ongoing SEC drama.

On the other hand, ETH