Ethereum Price Risks a Drop to $1,700

Ethereum's price has been falling after another rejection near key moving averages left its $1,800 support zone exposed. The token fell 2% to around $1,847 on August 3.

The decline extended Ethereum's retreat from its July 27 high near $1,975. Buyers have now failed several times to sustain a move above the resistance zone between $1,950 and $1,975.

Momentum indicators support the cautious outlook. The 4-hour Moving Average Convergence Divergence remains below zero, with the MACD line near -10.46 and the signal line at about -9.92. Chaikin Money Flow stands at -0.14, indicating that selling volume has outweighed buying volume over the indicator's measurement period.

The first support range sits between $1,828 and $1,800. Ethereum's lower daily moving-average ribbon stands near $1,785, a level that would strengthen the bearish setup and expose $1,700, followed by the June accumulation region around $1,550-$1,600.