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Ethereum – Here’s why $1.6K could be the altcoin’s next price target
Steady selling pressure in recent weeks means it is likely for Ethereum’s downtrend to continue, writes Akashnath S.
As the cryptocurrency market continues to exhibit bearish trends, Ethereum has not been spared from this trend either. In fact, it has fallen by 11.8% over the past week, with technical analysis revealing that market bears have not weakened. This bears down on the notion that ETH could potentially reach $1.6K in the near future.
The bearish outlook for Ethereum is seen on multiple timeframes, a phenomenon that underscores the strength of the current downtrend. In fact, it was below the 20-day moving average and has been for most part of 2025. The moving averages displayed no sign of slowing down either. Furthermore, neither did the selling pressure ease as ETH fell beneath the psychological level of $2,000.
It is crucial to examine the on-balance volume indicator (OBV) here, which made lower highs and lower lows, indicating a downtrend in progress for Ethereum. This implies that steady selling pressure has been present on the cryptocurrency since March 30th. Moreover, with ETH closing below $1,824, it is possible for bears to maintain control of this region.
The four-hour chart reveals that the area around $1,850 served as support in mid-March but now acts as resistance. This bears down on the notion that the market structure seems bearish too. The rally towards $2,128 did not meet its target and instead reversed at $2,100, while the higher low of $1,950 was unable to be defended either.
Furthermore, it is essential to note that the OBV continued its steady downtrend on both the daily and four-hour charts, implying further losses for Ethereum in the short-term. Furthermore, this downtrend has not been halted either.
Source: https://ambcrypto.com/ethereum-heres-why-1-6k-could-be-the-altcoins-next-price-target
