Ethereum Plummets Below $1,500 as Market Panic Grows

Ethereum (ETH) has plunged to its lowest level in over two years, falling below the critical $1,500 threshold amid a widespread crypto market correction. Currently trading around $1,490, ETH has lost more than 20% of its value in just 24 hours, triggering widespread panic among investors. The breakdown from a descending channel on the Ethereum price chart signals the potential for further losses, aligning with bearish forecasts from prominent critics like economist Peter Schiff, who believes ETH could soon drop below $1,000.

Technical indicators paint a grim picture. The Relative Strength Index (RSI) has crashed into oversold territory, confirming the intense selling pressure. Trading volume has surged alongside the decline, underscoring the market's strong bearish sentiment. ETH now sits well below all major moving averages, including the 200-day EMA, making a swift recovery increasingly unlikely without a powerful catalyst.

The next key support level lies between $1,200 and $1,300, but if that fails to hold, the psychologically important $1,000 mark becomes the next downside target. A drop below this level would represent not only a technical breakdown but also a major blow to investor confidence.

Macroeconomic headwinds are compounding the situation. Global geopolitical tensions and U.S. trade policies are fueling a broader risk-off sentiment, hitting crypto markets hard. Unless Ethereum can reclaim the $1,600–$1,700 range soon, the bearish outlook may worsen, validating predictions of a deeper collapse. For now, ETH remains under heavy pressure, and the road ahead looks increasingly uncertain for bulls.