Ethereum Faces 6.50% Drop, Analysts Predict $1,000 Plunge

Ethereum (ETH) is currently facing significant bearish pressure, with technical indicators and market sentiment suggesting a potential sharp decline in the coming days. The cryptocurrency has lost multiple key support levels, including an ascending trendline and several horizontal support zones, and is now on the verge of breaching another critical support level at $1,475. If this level is breached, analysts predict a notable price decline, potentially reaching as low as $1,000.

The ongoing tariff war between the United States and other countries is cited as a potential reason behind this price crash. The market sentiment has been unfavorable for the overall cryptocurrency market, which has experienced a significant downward trend in recent months. The Ethereum Market Value to Realized Value (MVRV) Ratio has plummeted to 0.87, its lowest point since December 2022, indicating that the average investor is currently holding a net loss. This decline in the MVRV Ratio suggests that the market may be nearing a bottom, as there are fewer investors holding unrealized profits, reducing the likelihood of profit-taking sell-offs.

Peter Schiff, a well-known critic of cryptocurrencies, has predicted that Ethereum's price could fall below $1,000. Schiff's bearish outlook is based on the cryptocurrency's recent performance, which has been disappointing compared to Bitcoin and gold. Schiff's prediction aligns with the technical analysis that suggests Ethereum could drop below $1,000 if it fails to recover and stabilize above the $1,600-$1,700 range. The path to recovery for Ethereum appears challenging, with bearish predictions gaining traction if the cryptocurrency cannot quickly regain lost ground.

The recent price action has seen Ethereum test the $1,500 support level, with analysts noting that losing this level could send the price plummeting towards $1,000. The cryptocurrency has experienced a significant drawdown, with its price retracing to around $1,550 after a 12% crash in the last 24 hours. The downward movement is supported by different time frames, which suggest that the decline could continue until Ethereum crashes below $1,000. The liquidation of large positions has also contributed to the price drop, with a 20% intraday collapse further exacerbating the sell-off. If the levels plunge below 30, a drop below $1,000 could be imminent for the Ethereum price.

On April 8, 2025, a crypto whale sold his entire holding of 10,000 ETH, worth $15.71 million. This whale had purchased the ETH between October 4 and November 14, 2022, at an average price of $1,292. Despite the recent price decline, he managed to book a profit of $2.75 million, although he missed out on a potential $27.60 million gain had he sold at the peak. This massive sell-off may create additional selling pressure and contribute to further downside momentum.

Amid this ongoing price decline, ETH has fallen below the 200 Exponential Moving Average (EMA) on the daily time frame. This indicator suggests that the asset is in a strong bearish trend, with sellers dominating the market. At press time, ETH is trading near $1,465 and has experienced a price decline of 6.50% over the past 24 hours. The current situation for Ethereum is precarious, with multiple indicators pointing to a potential sell-off. The MVRV Ratio's decline to its lowest point since December 2022 suggests that the market may be nearing a bottom, but the exact timing of any recovery remains uncertain. Analysts and critics alike are warning of a potential drop below $1,000 if Ethereum cannot quickly regain lost ground and stabilize above key support levels. The cryptocurrency's recent performance has been disappointing, and the path to recovery appears challenging. Investors should closely monitor the situation and be prepared for potential volatility in the coming days.