$ETH faces a correction as it closes below its daily support at $1,861
Ethereum price closed below its daily support level of $1,861 last week and declined 9.88%. On Monday, the start of this week, it hovers around $1,800.
If $ETH continues its downward trend, it could extend its decline to retest its important psychological level of $1,700.
The RSI reads 34, below its neutral level of 50, indicating strong bearish momentum.
Conversely, if it continues to recover, it could extend the recovery to its previously broken daily support level of $1,861.
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