Ethereum Price Drops 14.5% Below Key Support to $1,540

Ethereum is experiencing significant selling pressure, causing it to drop below the $1,800 support level, with a 14.5% decline in the last 24 hours. Current trading trends indicate a potential drop below $1,500, and analysts suggest a possible future decline to $1,000.

Key Points

Ethereum's market cap decreased to $186.5 billion.
Analyst Andrew Kang describes Ethereum as overvalued given its negative growth outlook.
A bearish trend persists amid broader altcoin market weakness.
CME futures charts indicate unfilled gaps above current levels at $2,550-$2,625, $2,890-$3,050, and $3,917-$3,933.
Short-term chances of returning to these gaps are low.

As of now, Ethereum is trading at approximately $1,540.