Ethereum Drops 18% to $1,410, Faces Resistance at $1,620

Ethereum has been experiencing a downturn, with its price failing to maintain value above $1,700. The cryptocurrency dropped to a low of $1,410, indicating significant uncertainty in the market. Although the price has partially rebounded since hitting that low, it continues to face resistance at $1,620. This price drop has left traders questioning whether the momentum can be reversed or if more selling is ahead.

Ethereum's price has tumbled below key support levels at $1,620 and $1,550, triggering sell pressure across short-term timeframes. The correction took ETH to $1,410 before a minor recovery began. After reclaiming the $1,550 mark, ETH started testing the 50% Fibonacci level. It is now at a level where it can either pump to $1,815 or dump to $1,410. This level coincides with strong resistance near $1,615, forming a tough barrier for bulls.

A bearish trendline on the hourly chart reinforces the $1,615 zone as a heavy supply zone. ETH is trading below the 100-hour SMA, which confirms that sellers still dominate. The ETH price decline will likely continue unless bulls take out this resistance with volume.

Momentum indicators show uncertainty in ETH’s short-term trend. The RSI is hovering just above 50, showing a slight bullish bias but lacking strength. The MACD remains in the green zone but is already losing traction, hinting at a possible stall in buying interest. According to these indicators, the Ethereum price recovery stall is real, and a powerful catalyst is required for ETH to rise again. If bulls manage to close above $1,660, the next supply zone lies at $1,720. Beyond that, $1,820 is the key area to watch. However, unless ETH clears these key zones decisively, the trend remains vulnerable to another leg down.

On social media, traders are debating whether Ethereum is in a dead cat bounce or forming a double-bottom pattern. On-chain data shows reduced whale accumulation and lower transfer volume to exchanges, indicating indecision. As the Ethereum price drop dominates crypto news, retail sentiment has shifted to neutral, waiting for a confirmed breakout or breakdown.

If ETH fails to break past $1,620, downside continuation becomes more probable. Immediate support is seen at $1,540, followed by a support zone near $1,505. A drop below $1,505 could drag ETH back toward $1,420. Deeper liquidity pools sit near $1,380 and $1,320. These are areas where longer-term buyers may look to re-enter. If altcoins continue to be impacted by macro liquidity, the Ethereum price recovery stall may get worse.

ETH must reclaim $1,620 and hold above $1,660 for bulls to regain market control. Only then will we see renewed momentum toward higher levels. Until that happens, price action remains range-bound with bearish momentum. The ETH price decline has established a zone of control for sellers, and bulls need to build significant pressure to break it.

The Ethereum price drop remains dominant in current crypto news, with ETH trading below technical resistance. Buyers must overcome the $1,620 rejection zone to invalidate this structure. If that action is not taken, the Ethereum price recovery stall might last longer, increasing the risk of the ETH price decline. Traders should monitor key levels and prepare for high volatility as ETH approaches a decisive level.