Ethereum‘s price after the recent market slash maintained its consolidated trend between $2100 and $1927 for quite a long time. At the time it appear to undergo a significant breakout of the consolidation and range high, a fresh plunge dragged the price too as low as $1702.68. However, despite a rebound, the prices are still feared to drop close to these levels but may not drop below $1700.
The ETH prices are currently trading along with one of the strong support levels just below $1700 at $1664.63. However, after the very first time the asset ranged above these levels and secured its positions, it has never broken down these levels. Moreover, it has flipped notably each time and surged by more than 30%.
On the other hand, RSI & MACD both are on the verge to flip the bearish trend which may end up with a price surge beyond $2000 again. The RSI each time it dropped from the upper resistance to the lower support, resulted in a significant upswing of nearly 50%. On the other hand, the MACD is on the verge to flash out a buy signal as the buying volume is slowly mounting.
Lastly, when the merger is fast approaching somewhere in August, the ETH prices may receive a significant boost prior to the launch. Therefore, one can expect a significant bounce in the Ethereum prices in the upcoming days, while the possibilities of a pullback may not be completely nullified.
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Source: https://coinpedia.org/altcoin/top-reasons-why-ethereumeth-price-may-not-drop-below-1700/