Ethereum (ETH), along with Bitcoin and other altcoins, has been caught in the recent wave of market pressure, plunging below the critical $1,600 mark after a sharp 15% dip. This sudden downturn has triggered panic among investors, driven largely by renewed macroeconomic concerns. Fresh trade tensions following aggressive tariff announcements from President Donald Trump, coupled with unexpected geopolitical developments, have rattled both traditional and crypto markets alike.
What’s Next For ETH Price?
Currently, Ethereum is approaching a critical support zone that has previously held strong, particularly around the $1,520 to $1,540 range. This level was important in early and late 2023 and is now under pressure. If ETH fails to hold above this zone, the next major downside target would be around $1,400.
The situation took a turn for the worse after ETH broke below the $1,870 to $1,880 range, a key Fibonacci level that previously provided support. This breach signaled a bearish trend, with analysts predicting a move toward the $1,520–$1,540 region, which is now playing out as expected.
The RSI has now entered oversold territory, which, while indicating potential for a short-term bounce, doesn’t guarantee a market bottom. For instance, in March, despite the RSI being oversold, ETH experienced a brief recovery before facing further declines.
Whales Offload ETH
In line with the market’s downturn, an Ethereum whale faced a staggering $106 million liquidation on Maker over the weekend, involving 67,570 ETH.
In another incident, Lookonchain revealed that an investor panic-sold 14,014 ETH—worth approximately $22 million—in a single evening, reflecting the heightened fear gripping the crypto space.
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