Ethereum’s price has taken a significant hit, dropping below $1,600 to a current value of around $1,569 after a sharp decline of over 13% in just 24 hours. However, Ethereum isn’t the only cryptocurrency feeling the pressure. The global crypto market cap has fallen by more than 6% in a single day, now standing at $2.51 trillion, erasing approximately $160 billion in value.
Ethereum’s 24-hour trading volume has surged by nearly 300%, a move typically indicating panic selling, with both retail investors and large-scale investors, or “whales,” making large transactions. Currently, Ethereum’s market cap sits at around $189.58 billion, and for a while, the cryptocurrency was comfortably trading between $1,700 and $1,800, maintaining a relatively stable price range.
Just five days ago, there were signs of optimism, as Ethereum seemed to be making its way towards the $1,950–$1,970 resistance zone. A successful breakout past that point could have pushed ETH to as high as $2,050 or even $2,100. However, momentum faded, and sellers took control, causing a sharp downward spiral instead.
The looming question now is whether Ethereum can maintain its current support at $1,550. If this level fails to hold, the next potential support zone could be around $1,450, a level not seen since early 2023.
This latest downturn isn’t just a minor dip; it’s a notable correction that could shake investor confidence. Only a week ago, discussions centered around a potential bull run, but now, the focus has shifted to closely monitoring support levels. The volatility of the crypto market continues to keep investors on edge, with shifts happening rapidly.
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