The biggest altcoin, Ethereum, displayed a range-bound price action between $1849 and $1887 for almost a week. However, the recent 1.79% fall in Ethereum prices forms a bearish candle breaking the bottom support to exceed the $1849 mark.
Currently, the Ethereum price trades at $1833 below the 50-day EMA, with an intraday fall of 0.28%. The bearish range breakout intensifies the dark cloud over Ethereum prices, projecting a potential drop in market value to $1800.
With a closing price of $1820, Ethereum was at its lowest closing level in 36 days. This brings the biggest altcoin closer to a long-term support trendline forming since December 2022. The ascending support trendline has helped ETH prices bounce back five times since December 2022.
The RSI indicator projects a high possibility of a bullish divergence forming at the coming retracement to the trendline. Meanwhile, the 200-day EMA follows a sideways track and stays close to $1800, ready to provide a cushion.
In case of a bullish reversal, the Ethereum prices can reclaim the 50-day EMA and challenge the $2000 resistance level before reaching the $2150 mark.
However, a prolonged downtrend can challenge the bullish dominance of the $1800 mark.
