Sudden Drop in Ethereum Price: Is it a Buying Opportunity? (With Technical Analysis)
The Ethereum (ETH) currency has seen a remarkable decline in recent hours, with the price dropping to 2,494.69 USDT, indicating a 2.20% drop over 24 hours, according to Binance market data dated May 17, 2025, at 00:30 AM (UTC).
But… is this drop just a temporary correction or the beginning of a larger downward wave?
Simplified Technical Analysis:
Current Support: Located near the 2,480 USDT level, which has been tested multiple times in the past few days.
Nearby Resistance: At 2,560 - 2,580 USDT, which is the area where the price failed to break through last week.
RSI Indicator: Indicates that the market is approaching a state of selling saturation, which may support a near-term rebound.
Moving Average (MA50): The price is currently below the average, reinforcing the negative outlook in the short term; however, any rebound above it could temporarily change the direction.
Summary:
The market is in a wait-and-see phase, and if the current support level is maintained, we may see a good rebound. However, breaking this support could open the door to a decline towards 2,400 USDT or lower.
Is this a golden buying opportunity? Or a warning of a deeper drop? Share your opinion in the comments!
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