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In the ongoing tariff war between the United States and other countries, the cryptocurrency market has significantly plummeted. Amid this, Ethereum (ETH), the second-largest cryptocurrency, is on the verge of a major crash.
According to CoinMarketCap data, ETH has lost almost 25% of its value in just five trading days and has reached a make-or-break level.
Ethereum (ETH) Price Action and Technical Analysis
While examining the weekly chart of ETH, it appears that the asset has recently lost its long-held support from the ascending trendline that had been in place since July 2022.
Source: Trading View
Following the breakdown, the asset has been steadily falling, during which it has lost two key support levels at $2,200 and $1,830, and has now reached another critical support level at $1,530.
Ethereum Price Prediction
According to expert technical analysis, if this downside momentum does not stop, the price could crash hard.
The daily chart reveals that if the ETH price fails to hold this support level and closes a daily candle below $1,450, there is a strong possibility it could drop by another 30% to reach its next support level at $1,000 in the near future.
Source: Trading View
Following the continuous price decline, ETH is now trading below the Exponential Moving Average (EMA) on the four-hour, daily, and weekly timeframes, indicating a strong bearish trend.
Current Price Momentum
At press time, ETH is trading near $1,550 and has lost nearly 10.50% of its price over the past 24 hours. However, during the same period, the asset’s trading volume jumped by a record 550%, indicating heightened participation from traders and investors compared to the previous days.
$200 Million Worth of Bullish Bet
This record surge in trading volume includes the liquidation of traders’ short and long positions, recent investor accumulation or sell-offs, and all other ETH-based trading activity.
Despite the massive price crash over the past 24 hours, traders seem optimistic and are strongly betting on the bullish side, according to on-chain analytics firm Coinglass.
Source: Coinglass
Data reveals that traders are currently over-leveraged at the $1,526 support level, having built $201 million worth of long positions. On the other hand, $1,571 is another over-leveraged level, where traders have built $100 million worth of short positions.
While examining these levels and traders’ positions, it appears that the bulls are currently dominating and could potentially liquidate $100 million worth of short positions. However, if the market sentiment continues to remain unchanged, it could also lead to the liquidation of traders’ long positions.
The post Ethereum on the Verge of Crash, $1,000 Calling? appeared first on Coinpedia Fintech News
In the ongoing tariff war between the United States and other countries, the cryptocurrency market has significantly plummeted. Amid this, Ethereum (ETH), the second-largest cryptocurrency, is on the verge of a major crash. According to CoinMarketCap data, ETH has lost almost 25% of its value in just five trading days and has reached a make-or-break …
Crypto inflows last week were modest at $6 million, as negative flows provoked by US economic indicators whitewashed significant gains made by mid-week.
Notwithstanding, the positive flows, though modest, suggest shifting sentiment in the market.
US Retail Sales Trigger $146 Million in Crypto Outflows
The latest CoinShares report indicates that crypto inflows came in at only $6 million last week, amid mixed investor sentiment. While the week started with minor inflows, stronger-than-expected US retail sales figures on Wednesday last week inspired outflows of $146 million.
“Digital asset investment products saw net inflows of US$6 million, with mid-week US retail data triggering US$146 million in outflows,” CoinShares’ head of research James Butterfill stated.
As it happened, US Retail Sales climbed in March on a jump in car purchases. Beyond adjusting for inflation, the value of retail purchases increased the most in over two years.
This economic indicator, which measures year-over-year consumer spending, also showed that households stepped up purchases of motor vehicles and a range of other goods. According to Reuters Business, the objective was to avoid higher prices from Trump tariffs.
“The US Commerce Department said retail sales increased 1.4% last month, up significantly from February’s 0.2% rise, the most in more than two years, as households stepped up purchases to avoid higher prices from President Trump’s tariffs,” read the report.
Against this backdrop, the US continued to see outflows, totaling $71 million last week. This effectively contravened what was seen in other markets, with Europe and Canada, among others, recording positive flows.
Meanwhile, Ethereum led the negative flows, recording nearly $27 million in outflows, followed by Bitcoin, which had $6 million in outflows.
“XRP continues to break the mold with inflows of $37.7 million last week, making it the 3rd most successful this year with YTD inflows of $214 million,” Butterfill explained.
Institutions Treat Crypto as More Than Just a Risky Bet
Meanwhile, as Trump tariffs influence consumer spending, Wall Street appears to be stumbling harder than expected.
Nexo Dispatch editor Stella Zlatarev recently told BeInCrypto that Bitcoin’s relative steadiness and that of other blue-chip cryptos are signs that cryptocurrency may be entering a new market maturity phase.
“Bitcoin’s ability to weather macro turbulence without the wild swings of previous years suggests institutional investors are treating it less as a speculative punt and more as a strategic asset,” Zlatarev stated.
Instead, Bitcoin is emerging as a risk-dynamic asset that does not crumble like high-growth stocks but does not attract the same flight-to-safety flows as traditional safe havens.
