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.
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.
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FAQs
Ethereum’s price is falling due to market-wide sell-offs, macroeconomic factors, and declining support levels, with broader financial markets also weakening.
Investors remain active despite the drop. While ETH has strong fundamentals, experts suggest waiting for market stabilization before making moves.
