Ethereum price plummets 10% – fears of bulk selling rise, what’s going on?

Jakarta, Pintu News – The cryptocurrency market was recently shocked by a sharp drop in the price of Ethereum (ETH), which fell by more than 10% in a short period of time. This decline sparked fears of wider mass selling among investors.

Ethereum Price Recovery Fails

Ethereum (ETH) price failed to maintain support in the $1,620 zone and experienced a sharp decline, similar to Bitcoin (BTC). Ethereum (ETH) fell drastically past the $1,550 and $1,520 levels. Sellers even managed to push the price below the $1,450 level, with the lowest price recorded being $1,384.

Although there was a recovery attempt that pushed the price above $1,410, the effort doesn’t seem to be strong enough. Sellers are still active in the $1,450 zone, and now Ethereum (ETH) price is trading below $1,500 and the 100-hour simple moving average. On the upside, the price seems to face resistance near the $1,475 level.

Also Read: Bitcoin plummets to $70,000, global tariff tensions trigger investor concerns

Key Resistance and Support

The next key resistance is near the $1,500 level or the 50% Fibonacci retracement level of the move down from $1,617 to $1,384. The first major resistance is near the $1,520 level, where there is also a bearish trend line formed on the hourly chart of ETH/USD.

If Ethereum (ETH) manages to cross the $1,520 resistance, it is possible that the price will try to approach the $1,560 level. A further increase above the $1,560 resistance could trigger a price increase in the upcoming session. In that scenario, Ethereum (ETH) could rise towards the $1,620 or even $1,650 resistance zone in the short term.

Potential for Further Price Decline

If Ethereum (ETH) fails to break the $1,520 resistance, the price could drop again. Initial support on the downside is near the $1,410 level. The first major support lies in the $1,385 zone. If the price moves below the $1,385 support, it could push Ethereum (ETH) towards the $1,320 support. A further drop could send the price to the $1,240 support level in the short term. The next key support is at $1,120.

Technical Indicators

The hourly MACD for ETH/USD shows increasing momentum in the bearish zone. Meanwhile, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 zone, indicating a greater strength of sellers than buyers in the current market.

Conclusion

With the current volatile market conditions, investors and traders should be wary of the next movement of the Ethereum (ETH) price. Monitoring the mentioned support and resistance levels can provide important clues about the market direction in the near future.

Also Read: Can Dogecoin (DOGE) Price Reach $100? Check out the Technical Analysis!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Ethereum Price Hit Hard, $1410 Level Breakdown Could Spark Sharp Decline. Accessed on April 10, 2025
• Featured Image: Crypto News Australia