Ethereum Price Drops 20% – Could ETH Crash to $1,000 Next?

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In the last 30 days, the Ethereum market has experienced a decline of nearly 20.4%. In the last seven days alone, the market has dropped by around 2%. Currently, the price of Ethereum sits at $1,877.46. A post by renowned macro strategist Mike McGlone asks: “Is $1,000 next?” Read on for more details! 

Ethereum Price Drops – What’s Driving the Decline?

At the start of this month, the Ethereum price was around $2,216.71. Since then, the ETH market has seen a fall of 15.48%. At one point on March 2, the ETH price was as high as $2,550.37. Right now, the price stands at least 26.59% below the month’s peak. 

It was expected that Ethereum would find support at the $1,900 level. However, the level failed to act as a strong support. The current price of ETH is $1,877.46.

Mike McGlone states that the Ethereum market is linked to the broader financial market. He notes that if Ethereum drops further, it could affect the broader market, especially the S&P 500.

Since the beginning of this month, the S&P 500 index has declined by over 4.48%, and the Nasdaq 100 index has dropped by nearly 5.59%.

Expert’s Warning: Is ETH Leading a Market Downtrend?

McGlone warns that if Ethereum continues its downward momentum, other top altcoins may join the trend. 

Among the top altcoins, Ethereum has shown the highest 30-day downtrend. The majority of top altcoins have also shown downtrend in the last 30 days. XRP has slipped by 4.5%, BNB by 1.65, Solana by 9.4%, Dogecoin by 16.7%, Chainlink by 10.6% and Avalanche by 12.8%.

Could Ethereum Crash to $1,000? Key Support Levels to Watch. In his post, McGlone questions whether ETH might drop to $1,000.

Currently, Ethereum is nearly 6.52% below the crucial support level of $2,000. Experts believe that the $2000 mark is a key psychological level. 

Experts think that if the Ethereum market fails to stay above the $2,000 psychological level, it could drop to $1,000. 

Also Read :   Ethereum Over Bitcoin at BlackRock: Could a $3000 Rally Be Next?   ,

ETH Investors Remain Active – Trading Volume Surges Despite Price Drop 

Reports suggest that despite the price drop, the trading volume of the market has surged by 36.92%. The 24-hour trading volume of ETH stands at $14,485,952,702. At one point today, the volume reached as high as $19,036,497,274. This indicates that investor interest in the market remains strong. 

Ethereum’s Future: Can Strong Fundamentals Trigger a Recovery? 

Experts believe that the ETH market is currently in a profit-taking phase. They think that once the market recovers from this phase, it could witness strong upward momentum. They trust that Ethereum has the advantage of strong long-term fundamentals.

They also believe that the Ethereum market could benefit from growing adoption, including the launch of a bank-issued stablecoin.