Ethereum (ETH) price continues to crash, and has now plunged below $1,800

It is down by almost 60% from its November high, and its weak fundamental metrics like falling active addresses, ETF outflows, and fee plunge points to a potential crash to $1,000.

Ethereum (ETH) price has continued crashing, and it has now plunged to below $1,800. This decline has seen the coin drop by almost 60% from its November high, and its weak fundamental metrics like falling active addresses, ETF outflows, and fee plunge point to a potential crash to $1,000.

Active Addresses, Fees Plunge, and ETF Outflows Hint at Ethereum Price Plunge

On-chain data shows that the number of active addresses has continued to plunge, a sign that some holders are abandoning ship. ETH had over 575k active addresses in January, a figure that has dropped to 333k today.

According to TokenTerminal, the ETH burn rate continues to drop as the fees generated by the network falls. The Ethereum network has made only $222 million, a figure that is much lower than Uniswap, Solana, Jito, Circle, Tron, and Tether. Ethereum used to dominate in fees in 2024.

Additional data reveals that Ethereum ETF outflows soared to $403 million in March, bringing the cumulative figure to $2.36 billion. In contrast, Bitcoin has had over $36 billion in inflows since January last year.

March saw the biggest outflows from the ETC Group Ethereum exchange-traded commodities no-tracking futures, with outflows surging to $316 million.

March also saw outflows from the crypto exchange FTX rising to $398 million.

March saw saw inflows into the Bitwise Bitcoin trust surge by $310 million.

This comes as analysts have turned bearish on Ethereum price. Just last month, Standard Chartered lowered its ETH price forecast by 60% to $4,000.

On top of all this, ETH price is battling a period of extreme fear in the market after Trump launched his reciprocal tariffs that have pushed recession odds higher.

Technical Analysis Shows ETH Price May Plummet to K

A closer inspection of Ethereum’s weekly chart shows an increasing risk that the coin will continue falling soon. That’s because it formed a triple-top pattern between March 11 and December 16 last year. This pattern is made up of three peaks and a neckline.

In this case, the peaks were at $4,045, while the neckline was at $2,130. It has now plunged below the neckline, validating the bearish thesis. At the same time, the Average Directional Index (ADX), a popular indicator that measures the strength of a trend, has soared to 30, a sign that the trend is strengthening.

Therefore, measuring the distance between the top and the neckline shows that it is about 50%. A similar measurement from the neckline shows that it may crash to $1,000, which is about 42% below the current level.

On the flip side, a move above the crucial resistance level at $2,130, the triple-top’s neckline, will invalidate the bearish ETH price forecast. It will raise the odds of the coin rising to $2,500.

Frequently Asked Questions (FAQs)

2. Why is there a risk of Ethereum price falling to $1,000?

3. Which are the top weak fundamentals ETH price is facing?

4. Can ETH coin price recover?