$ETH price closed below its daily support level of $1,861 last week and declined 9.88%. However, at the start of this week, ETH recovered 4.05%, closing above the $1,861 level until Tuesday. At the time of writing, it trades slightly down, nearing its daily resistance level of $1,861.
If $ETH fails to find support around $1,861 and continues its downward trend, it could extend its decline to retest its important psychological level of $1,700.
The RSI on the daily chart reads 40, below its neutral level of 50 and points downward, indicating bearish momentum.
Conversely, if $ETH finds support around the $1,861 level and continues to recover, it could extend the recovery to its March 24 high of $2,104.