Ethereum Faces Bearish Outlook with Potential Drop to $1,600

A recent analysis of Ethereum’s market structure suggests that the cryptocurrency could be headed for further losses, with a potential drop towards $1,600. Here’s a closer look at the factors contributing to this bearish outlook.

Ethereum Could Fall Towards $1.6K Next

Ethereum has shown a bearish market structure on multiple timeframes, with a 11.8% decline over the past week. Technical analysis reveals that market bears have not weakened, and ETH whale transfers to exchanges have underlined the bearish sentiment. At the time of writing, ETH was trading below the 20-day moving average and the prospect of further losses was growing more likely. The altcoin had a strongly bearish outlook on the 1-day timeframe and was below early March support.

Chainlink Expands Reach with 9 New Integrations Across Seven Blockchains

Chainlink announced multiple new integrations this week, solidifying its position as a crucial infrastructure backbone of Web3. The nine integrations across seven networks, including ApeChain, Arbitrum, Base, Celo, Cronos, Cronos zkEVM, and Ethereum, support four distinct services for major projects such as Aave, Apecoin, Celo, Cronos, Lightspeed Coin, and Polytrade Finance.

ZKLend Hacker Loses Stolen ETH to Phishing Site

A hacker that stole 2,930 ETH (valued at around $5.5M) from the ZK Lend protocol claims to have lost all the funds to a phishing website spoofing Tornado Cash. The hacker addressed that stole the ETH from ZKLend allegedly was hacked in return. The wallet’s owner commented through Etherscan about the loss. ZKLend had been negotiating with the hacker to regain most of the funds in exchange for a 10% bounty, but the hacker claimed the funds were no longer in the original address and had been taken by another bad actor.

Vitalik Buterin Live Demo: Privacy Pools Launch on Ethereum

On April 1, 2025, Privacy Pools launched on the Ethereum blockchain. It is a new semi-permissionless tool that allows users to make private transactions while proving their money isn’t connected to illegal activities. Vitalik Buterin, Ethereum’s co-founder, supported the launch and made one of the first deposits. The Privacy Pools protocol is based on smart contracts and was created by Ethereum developers 0xbow.io. It uses “Association Sets” to collect multiple transactions in an anonymous pool and performs a screening test to flag doubtful addresses for regulatory compliance.