Ethereum News: Price Drops Below $1,800 - Analysts Divided on Future Outlook

The price of Ethereum has taken a significant downturn, falling below the crucial $1,800 support level. Analysts offer mixed predictions on whether the cryptocurrency will rebound or continue its decline. Here’s a closer look at the current situation and expert opinions.

Ethereum Price Drops Below $1,800: Will ETH Rebound or Drop Further?

Ethereum’s price has fallen below the critical $1,800 support level, hitting an intraday low of $1,754. Analysts are divided on whether ETH will consolidate or continue to decline, with the price currently testing key support at $1,762. This level is crucial as previous rebounds have occurred around this zone. Crypto General, a renowned analyst, noted that Ethereum is forming a base at $1,800, and if this support fails, further declines could be in store.

Ethereum Price Slumps Amid Rising Competition

Ethereum’s price has experienced a significant downturn, plunging 52% from its December high of $4,105 to below $1,870 on March 31. This steep decline has made it one of the worst-performing blue-chip cryptocurrencies, trailing behind its rivals. Standard Chartered analysts have downgraded their Ethereum price forecast by 60%, citing growing competition from layer-1 and layer-2 networks, which have eroded Ethereum’s market dominance and revenue growth. Data from Santiment shows that daily active addresses on Ethereum have dropped, and the realized cap HODL wave has also collapsed. Long-term holders are exiting, contributing to the decline in activity.

zkLend Hacker Loses Stolen ETH in TornadoCash Phishing Scam

The zkLend hacker who stole 2,930 ETH lost all the funds to a TornadoCash phishing scam. According to a Mar. 31 post by De.Fi Antivirus Web3, the attacker mistakenly deposited the stolen funds into a fake Tornado Cash website. On-chain data shows that after realizing the mistake, the hacker sent a desperate message to zkLend’s deployer address, admitting their blunder and apologizing for the attack. They urged zkLend to focus its recovery efforts on the phishing scam operators.

ETH Price Struggles to Maintain Bullishness

Ethereum (ETH) price action appeared to be building momentum for a sizable rally but was thwarted and reverted below $2,000. The price currently stands at $1842.35 after a 1.33% jump in the last 24 hours. This pullback is surprising considering ETH was just recovering from an overall downtrend since December. ETH’s struggle to maintain an uptrend suggests weak demand despite being in a healthy discount, potentially pushing investors towards other outperforming coins. Latest ETH price rally expectations were backed by robust leverage appetite, but ETH has been unable to maintain a robust upside.