- Ethereum has dropped below $1,500, raising concerns it may test the critical $1,000 level amid rising bearish pressure in the broader market.
- However, a rebound could be possible as long positions grow in the futures market, with some traders and whales betting on a short-term recovery.
Ethereum has tumbled below the crucial $1,500 level, triggering fresh concerns that the largest altcoin could be on track to test the psychological $1,000 mark. The overall crypto market is deep in the red, with a staggering $1.38 billion in liquidations over the past 24 hours. Altcoins have suffered the most, dropping 12% collectively, as market capitalization sinks to $869.1 billion.
Ethereum’s recent plunge from $1,800 to a 24-hour low of $1,411 has traders bracing for more pain — or possibly a surprise bounce.
Bearish Pressure Mounts, But Is a Reversal Near?
Ethereum is following a falling channel on the daily chart, with price action retesting local support after rejection at an intermediate resistance. Although ETH briefly touched $1,411, a lower price rejection from the S1 pivot level at $1,424 hints at possible bullish resilience.
Still, the technicals don’t favor the bulls just yet. The MACD indicator has flipped bearish, signaling downward momentum and a potential breakdown from the current pattern. If Ethereum breaks below the support line, the next major level to watch is the S3 pivot near $1,000 — a psychological and technical support zone.
Whales and Futures Market Signal Bullish Bets
Despite the downward spiral, bullish sentiment is re-emerging in Ethereum’s futures market. Long positions have surged to 52.6% of all ETH contracts, pushing the long-to-short ratio to 1.10. Open interest has dropped 15% to $1.7 billion, indicating that many weak hands have been flushed out.
One particularly bold move came from a crypto whale who opened a massive $47 million long position with 20x leverage on Hyperliquid, entering at $1,416. With ETH now trading around $1,500, that position is already in profit — and it’s boosting confidence across the derivatives space.
What’s Next: Breakdown or Bounce?
While Ethereum’s broader trend remains bearish, the lower wick rejection and renewed interest in long positions hint that a relief rally could be on the horizon. Immediate resistance lies near the center pivot at $1,690. But if bears take back control and ETH breaks local support, the road to $1,000 could be faster than expected.
For now, Ethereum teeters on a knife’s edge — and the next few days could define its direction for weeks to come.
