The ETH/USD pair has been under sustained selling pressure, forming a new downward trend since the beginning of May: after reaching annual lows around 1504.00, the price attempted a limited corrective rebound, however, it failed to generate “bullish” momentum.

Since the beginning of last month, the ETH/USD pair has been showing steady downside momentum towards 1763.15, reversing from the boundary of the previously established range of 2437.50–2250.00.