Ethereum slid to $1,653 on Thursday, its relative strength index plunging to 28.89 — deep in oversold territory. The bearish momentum hasn't let up, and traders are now watching a critical floor at $1,615. If that level holds, a bounce to $1,750 could come within 48 hours. If it doesn't, the next stop is probably $1,400.
Oversold and Under Pressure
The RSI reading of 28.89 is the lowest Ethereum has seen since the selloff earlier this year. Anything below 30 is considered oversold — it doesn't guarantee a bounce, but it does mean the selling pressure is exhausted enough that buyers could step in. Right now, the market is testing that notion. Every dip below $1,650 has attracted some buying, but not enough to reverse the trend.
Waiting for the $1,615 Decision
$1,615 isn't an arbitrary number. It's a level that has acted as both support and resistance in recent months. If Ethereum holds above it over the next 48 hours, the technical setup implies a quick snapback to $1,750. That would represent a roughly 6% gain from current prices. The short timing window makes it a high-stakes zone for day traders and swing traders alike.
The Scenario If It Breaks
Losing $1,615 would likely trigger a cascade of stop-losses and forced liquidations. The next major support isn't until $1,400 — a level not seen since late 2024. A drop of that magnitude would represent a 15% decline from today's price. The RSI would almost certainly go below 20, extending the oversold condition further. That could set up a longer-term recovery play, but the short-term pain would be real.
As of Thursday evening, the market is sitting just above $1,615. The next 48 hours will decide whether Ethereum gets its relief rally or enters another leg down.
