Ethereum has taken a sharp hit over the past month, losing nearly 20.4% of its value. In just the last seven days, it has slipped another 2%, bringing its price down to $1,877.46. With this steady decline, concerns are growing – how low could Ethereum go?
Market strategist Mike McGlone has sparked debate by asking a bold question: Could Ethereum crash to $1,000? Some believe it’s possible, while others argue the worst may be over.
What’s really going on, and what could happen next? Let’s take a closer look.
At the start of the month, Ethereum was trading around $2,216.71. Since then, it has dropped by 15.48%. On March 2, it briefly reached $2,550.37, but now, it is trading nearly 26.59% below that peak.
Many traders expected Ethereum to find support at $1,900, but that level did not hold. With prices now at $1,877.46, investors are closely watching where Ethereum will go next.
McGlone has pointed out that Ethereum’s performance is linked to the broader financial market. If Ethereum continues to decline, it could impact other major markets, including the S&P 500.
The S&P 500 index has already dropped by 4.48% this month, while the Nasdaq 100 has fallen by nearly 5.59%. If Ethereum’s downward trend continues, other top cryptocurrencies could also see further losses.
Ethereum is not the only cryptocurrency struggling. Many top altcoins have also faced losses over the last 30 days:
Among them, Ethereum has seen the steepest decline, raising concerns about the overall crypto market.
McGlone has questioned whether Ethereum could fall to $1,000. Right now, Ethereum is trading about 6.52% below the important $2,000 support level. Many analysts believe that if Ethereum fails to move back above $2,000, a drop to $1,000 could become a real possibility.
Even with the price decline, Ethereum’s trading volume has jumped by 36.92%. The 24-hour trading volume now stands at $14.48 billion and even reached $19.03 billion at one point. This shows that investor interest in Ethereum remains strong despite the falling prices.
Experts believe that Ethereum is currently in a profit-taking phase. Once this phase ends, they expect the market to recover and see stronger upward momentum.
Ethereum’s long-term potential remains solid, and some analysts believe it could benefit from growing adoption, including the recent launch of a bank-issued stablecoin. While the short-term outlook is uncertain, long-term investors remain optimistic about Ethereum’s future.
Markets rise, markets fall, but Ethereum always finds a way to stay at the center of the conversation.
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.
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