Ethereum fell to $1,719 on Tuesday, a 2.6% bounce from recent lows, but traders see little reason for optimism. The second-largest cryptocurrency is trading below all major moving averages, and taker sell volume continues to dominate the order book. The data suggests the next move is likely lower, with $1,624 emerging as the next target.
Technical breakdown
ETH is now beneath its 50-day, 100-day, and 200-day simple moving averages — a configuration that typically signals bearish momentum. The bounce from the $1,680 area was shallow and quickly faded, indicating buyers are not stepping in aggressively. On the hourly chart, each rally has been met with fresh selling, keeping the price pinned near session lows.
Order book tells the story
Taker sell volume has been outpacing taker buy volume consistently over the past 48 hours. That means market participants are hitting bids rather than lifting offers — a classic sign of bearish conviction. When sellers are willing to accept the current bid price rather than wait for a higher one, it often precedes another leg down.
What the data points to
The probability now favors a move toward $1,624, according to the tape. That level sits just below the recent range and would represent a fresh low for the month. If that support breaks, the next major zone is around $1,550, but the immediate focus is on whether buyers can defend $1,624.
No major Ethereum-specific news has surfaced to explain the slide. The move appears driven by broader crypto market weakness and persistent selling pressure from short-term holders. The next few sessions will be critical — if ETH fails to hold $1,624, the decline could accelerate.
