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ETH Price Rollercoaster Dips Sweep March Levels, Will Ethereum Crash To $1,000?

ETH price recovery is shaky as long as $1,600 support/resistance remains uncertain. Dips could retest $1,000 into the year-end.
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ETH Price Rollercoaster Dips Sweep March Levels, Will Ethereum Crash To $1,000?

Ethereum price extended the down leg below the previous support at $1,600 – a move that saw declines sweep through levels seen last in March. The leading smart contracts token traded new weekly lows of $1,540 before launching an ongoing rebound seeking to reclaim the ground above $1,600.

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Dormant ETH Finally On The Move

The sell-off on Monday also coincided with a spike in the movement of previously dormant tokens away from old wallets. According to the Age Consumed on-chain metric by Santiment, there was a noticeable increase in the most dormant ETH over three months.

“A continued dip in mean $ age while prices drop is a capitulation sign, which foreshadows reversals.”

Ethereum Age Consumed Metric | Santiment

The rollback to March price levels could attract more long traders, who by taking advantage of the dips, are targeting short-term profits as ETH price rebounds to close the gap to $2,000. This uptake of Ethereum means fresh momentum is brewing for the next rally, first above $1,600 then to $1,800, and later to $2,000.

A sustained break past $2,000 could signal the start of a much-awaited bull market in 2024 going into 2025.

This current bullish outlook cannot be depended on until ETH price clocks highs above the lower ascending trendline or closes the day beyond the pivotal $1,600 level.

ETH/USD daily chart | Tradingview

Upholding support at $1,600 could help ease the potential selling pressure likely to follow the confirmation of a death cross pattern. This bearish chart formation occurs with a short-term moving average such as the 50-day EMA (red) crosses below a long-term one like the 200-day EMA (purple).

The death cross adds credence to the bearish outlook, implying that sellers have the upper hand and the ongoing downtrend is far from over.

Unless investors put the fear of uncertainty aside and rally behind Ethereum, the Money Flow Index (MFI) will drop into the oversold region, which will validate another sell-off to $1,450.

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Will ETH Price Drop To $1,000 Before The Bull Market?

Analysts at Matrixport in their latest report on the performance of altcoins, said that “with Ether being close to the psychologically important $1,600 level, a break could carry prices lower, especially as revenue growth disappoints.”

The longer the price stays below the $1,600 level, the higher will increase the chances of another sell-off trimming gains and forcing investors to capitulate. Matrixport believes it is too early to rule out a potential drop to $1,000 – “a level that would appear justified based on the revenue projection from the Ethereum ecosystem.”

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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