The Ethereum price has plunged 9% in the past week and 2% in the last 24 hours to trade at $1,803

The Ethereum price has plunged 9% in the past week and 2% in the last 24 hours to trade at $1,803 as of 12:00 a.m. EST on a 5% drop in trading volume to $11 billion.

The Ethereum price has dropped by 9% in the past week and 2% in the last 24 hours to reach $1,803 as of 12:00 a.m. EST on Tuesday. This follows a 5% decrease in trading volume over the same period, reaching $11 billion.

According to technical analysis from Benzinga Pro, the RSI at 33.82 shows that the price may be approaching oversold territory.

After failing to continue its advance above the $1,920 and $1,880 levels, the Ethereum price has started another decline, similar to Bitcoin.

However, ETHUSDT shows signs of a possible trend reversal after testing a major support zone at around $1,750.

Over the past few months, ETH has been trapped in a bearish channel, encountering strong selling pressure.

But as the RSI approaches oversold territory at 33.82, traders are speculating that a potential relief rally could be on the horizon.

ETHUSDT Analysis Source: Tradingview

The Ethereum price attempted to rise further, reaching a daily high of $1,823.50, but faced resistance.

If ETH can break above the $1,900-$2,000 resistance zone, analysts believe that a bullish recovery could take shape, potentially reaching the $2,400-$2,800 range in the coming weeks.

However, if support at $1,750 is lost, this could lead to another leg down, with the next major downside targets at $1,650-$1,680, and possibly $1,500 if bearish momentum increases significantly.

Market liquidity also plays a crucial role in Ethereum’s next move. Sell-side liquidity has been tapped, which usually triggers a potential reversal. On the other hand, buy-side liquidity remains unclaimed, which suggests that ETH could still try to push higher as market participants aim to regain bullish control.

As Ethereum hovers close to a critical support level, all eyes are on whether the cryptocurrency can stage a recovery. If the bulls manage to break the bearish channel, then ETH could be on track for a substantial rebound. However, a drop below $1,75