Ethereum trades at $1,708, analysts warn of potential drop to $1,580 if key support fails

Ethereum has shown a weak performance over the past 24 hours, trading near $1,708. After a sharp pullback from resistance levels, market attention has shifted back to the key support zone between $1,700 and $1,750. This range, which previously attracted strong buying interest, remains crucial for Ethereum’s short-term outlook.Support zone under the spotlight on weekly chartThe $1,700 threshold seen as pivotal in the short termLiquidity map signals chance of deeper dropsHourly chart reveals further weakening signals Support zone under the spotlight on weekly chartAnalysis shared by BATMAN on X highlights that Ethereum continues to move between significant support and resistance levels on the weekly chart. The most notable point from the chart is that Ethereum remains above this key support, even as early signs of bullish divergence have appeared in several weekly indicators. As one of the largest blockchain networks for smart contracts and decentralized applications, Ethereum’s technical positioning remains in focus.BATMAN points out that while weekly indicators suggest the bearish momentum is weakening, an immediate rebound may not be likely.This technical setup indicates a slowdown in selling pressure, but does not yet confirm a broader strengthening in outlook. According to the analyst, Ethereum is likely to move sideways around the support zone for a while before any distinct recovery attempt can take shape.The $1,700 threshold seen as pivotal in the short termMarket observer Ted Pillows emphasizes that Ethereum is trying to hold above the $1,700 to $1,750 range, which is now seen as the primary base area in the short run. As long as price remains above this core support, a recovery scenario stays on the table, with $1,820 and $1,870 identified as the initial resistance zones ahead. If Ethereum consolidates above $1,750, there could be space for a move toward the $2,000 to $2,050 band. However, if the price slips below $1,700, the risk of a deeper decline down to $1,580 comes into play.Liquidity map signals chance of deeper dropsA liquidity map shared by Ted Pillows shows that much of the downside liquidity may have already been absorbed, yet there remains a risk of one last dip toward the $1,300 to $1,400 region. While this suggests Ethereum could be closer to its bottom than Bitcoin, the possibility of another liquidity sweep cannot be entirely dismissed.Analysts observe that holding $1,700 and breaking through resistances could reinforce a bottoming thesis, but any drop below $1,580 would signal a new phase of weakness for Ethereum.Hourly chart reveals further weakening signalsAli Charts, sharing a short-term chart, notes that Ethereum has broken below its rising channel structure and is now trading under its 200-hour simple moving average. This suggests that the short-term market structure has deteriorated. If weakness persists, Ethereum could revisit the $1,580 level. On the upside, regaining $1,750 and then $1,840 would counter the ongoing bearish pressure.Looking at the broader setup, if Ethereum manages to hold its ground between $1,700 and $1,750, the $1,850 mark will become the first serious recovery threshold to watch. Above that, a push toward the $2,000 to $2,050 band may be possible. However, losing the $1,700 level would likely turn $1,660 and $1,580 into important support zones in the near term. Should even $1,580 break, attention could shift to the $1,400 to $1,300 band as the next target.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.