As reported by CryptoPotato, the crypto market has been hit hard in the past 24 hours. From a technical analysis perspective on higher timeframes, Ethereum's price seems to have further to fall as it still looks to be a bear market. The daily chart shows that the price had retested the key $1,750 level but failed to sustain above it, facing a sharp rejection. If ETH falls below the short-term $1,650 support, it will lead to a further drop in the price towards the $1,400 area. In addition, the 50-day and 200-day moving averages are about to see a bearish crossover, with the 50-day moving average crossing the 200-day moving average downward (death cross). This is considered to be a very negative sign and could mark the beginning of another medium-term bear phase. Looking at the 4-hour timeframe, the $1,750 resistance area has already shut out the price, pushing it back to the $1,650 support level. The market has yet to show any intention of rebounding from the mentioned support area as it is trying to break above it. The RSI indicator has also fallen below the 50% threshold, suggesting that the bears are now in control. Therefore, if ETH fails to sustain above the $1,650 level and quickly reclaim the $1,750 area, further declines will be inevitable.