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Ethereum Price Risks $1,700 as Support Weakens

Guavy AI Editorial Team
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ETH BNB
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Ethereum's price has dropped to around $1,847 after a 2% fall on August 3. The token is struggling to hold above its key moving averages and has weakened its support zone.

The immediate pressure came from Ethereum's failure to reclaim the moving-average resistance between $1,889 and $1,927. Sellers entered after the latest attempt faded, pushing ETH below $1,850 and toward its August 3 low.

Ethereum faces broader liquidity pressure due to a sharp weekly decline in Binance stablecoin netflows. However, exchange flows can change quickly and do not determine price direction alone.

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