Ethereum price broke above the $1,700 resistance level on Tuesday and rallied by 14.86% until Saturday. However, ETH retested the daily resistance level at $1,861 the next day and declined slightly. At the time of writing on Monday, it hovers at around $1,773.
If ETH declines and closes below $1,700, it could extend the losses to retest its next daily support at $1,449.
The RSI on the daily chart stands at 53 and points downward toward its neutral level of 50, indicating fading bullish momentum. If the RSI falls below its neutral level of 50, Ethereum’s price could experience a sharp decline.
Conversely, if ETH breaks and closes above the daily resistance at $1,861, it could extend the rally to retest its psychological importance level at $2,000.
