Ethereum price slips under $1,500 amid rising bearish pressure. Will it plunge toward the critical $1,000 level?
The crypto market has experienced $1.38 billion in liquidations over the past 24 hours, with the altcoin market (excluding Bitcoin) dropping 12%. The total market capitalization currently stands at $869.1 billion, with the largest altcoin, Ethereum, falling below the $1,500 mark.
As bearish sentiment grows, will Ethereum’s price trend move towards the $1,000 support? Let’s explore.
Ethereum Price Falls Under $1,500
On the daily chart, Ethereum’s price is following a falling channel pattern. Currently, the sudden reversal from an intermediate resistance trendline is retesting the local support trendline.
Over the past 36 hours, Ethereum has dropped from $1,800 to a 24-hour low of $1,411. As of now, it is trading at $1,499, showing a 5% intraday pullback after a 12% drop on Sunday.
As bearish pressure mounts, the possibility of a further downside in Ethereum increases. However, the lower price rejection from the 24-hour low hints at a potential positive turnaround within the falling channel.
Additionally, the lower price rejection comes from the S1 pivot support level at $1,424, close to the local support trendline.
Nevertheless, Ethereum’s overall trend remains bearish, with the recent decline triggering a bearish crossover in the MACD and signal lines. This suggests a sell signal and raises concerns about a potential breakdown.
Ethereum Futures: Bulls Buying the Dip
Despite the steep correction, the lower price rejection indicates a potential bullish reversal. This has sparked bullish sentiment in the derivatives market, leading to an increase in long positions.
Ethereum LongShort Ratio
In the last four hours, the percentage of long positions in Ethereum contracts has risen to 52.6%, pushing the long-to-short ratio to 1.10.
CoinGlass data shows the Ethereum open interest at $1.7 billion. This marks a 15% drop over the past 24 hours, signaling that many traders have been shaken out during the recent correction.
However, the increase in long positions has pushed the funding rate positive, currently at 0.0012%.
Ethereum Derivatives
In light of the bulls’ resurgence in the Ethereum derivatives market, a crypto whale has opened a massive long position on Ethereum. According to a recent tweet by Dami-DeFi, a whale is holding a $47 million long position with 20x leverage on Hyperliquid.
The whale’s entry point was $1,416, and the current market price hovering around $1,500 puts it in a profitable position.
🚨JUST IN:
A well-known whale has opened a massive $47M long on $ETH using 20x leverage on Hyperliquid.
This isn’t random feels like he’s ahead of the curve 👀 pic.twitter.com/aFlE2gLCF3
— Dami-Defi (@DamiDefi) April 7, 2025
Conclusion
Despite the bearish trend, Ethereum’s short-term recovery shows signs of a potential turnaround with a lower price rejection. The pivot point indicator suggests immediate resistance at the center pivot line, currently at $1,690.
However, should a breakdown occur below the local support trendline, the pivot points indicate that the S3 pivot level, close to the $1,000 psychological mark, will be a critical support level to watch.
