The price of Ethereum is currently in a downtrend and is approaching a significant support level. Over the past 24 hours, there has been little movement on the chart, while on the weekly chart, ETH has experienced a depreciation of over 3%.

Technical analysis indicates a bearish influence and both the demand and accumulation levels on the chart have remained low. It is crucial for Ethereum to move away from the $1,700 support line to avoid further bearish pressure, as a decline below this level would likely lead to a price of around $1,660 for ETH.