Ethereum price today has crashed below its $1500 mark amid the ongoing Trump tariff war. After struggling with its crucial support, the ETH token lost momentum following the extreme bearish trend. Considering the present market sentiments, the largest altcoin may continue losing value as the market volatility is achieving a new high.
Following this, marketers fear the ongoing liquidation could trigger higher selling pressure due to an increasing panic-like situation. With this, the price of Ethereum is now trading with a YTD correction of ~56%. Marketers are now concerned about the short-term price prospects of this altcoin.
Moreover, questions like “Is Ethereum buy or sell?” and “How low will Ethereum crash?” stormed the internet.
With this, the million-dollar question arises, Will Ethereum crash to $1000? Let’s find out the possible Ethereum price prediction today!
ETH Price Breaks Its Crucial Support of $1,500!
Due to increased uncertainty, the Ethereum price has plunged below its crucial support of $1500. Moreover, this altcoin has formed a descending channel pattern in the daily time frame, suggesting a strong bearish action for it in the crypto space. With this, the dominance of the largest altcoin has now dropped to 7.21%.
Notably, Ethereum price has had the worst Q1 since 2018 as its valuation dropped by more than 56% since the year started. The last time such a situation arose, the Ethereum token displayed a bearish run for 7 consecutive months.
The Simple Moving Average (SMA) has displayed strong resistance to the Ethereum price chart in the daily time frame. This indicates an increase in the selling-over-buying for the altcoin in the cryptocurrency market.
On the other hand, the Relative Strength Index (RSI) has breached its oversold range with its average trendline experiencing a major downtrend. This signifies a negative outlook for the altcoins in the upcoming time.
What’s Next For Ethereum This Week?
A sustained bearish action could result in the price of ETH crypto retesting its support level of $1,250 this week. Moreover, if the bears dominate the crypto space, this could pull the price toward its lower support level of $1000 in the upcoming time.
Looking at the positive side, a bullish reversal could push the price toward its immediate resistance level of $1,500 within a short period. Furthermore, if the bears regain momentum, the price of this altcoin could head toward its upper price target of $1,800 this month.
Also Read: Crypto Cynic Peter Schiff now predicts Ethereum below $1000
