The cryptocurrency market has been a rollercoaster ride for traders and investors in the past 24 hours, with Ethereum (ETH) being at the center of attention. As the market experiences immense volatility, it’s crucial to delve into an Ethereum price prediction to gauge where the price might be headed next.
Tariff Pause Rally Wiped Out by CPI Report
After a 90-day hiatus on tariffs, the cryptocurrency market saw a significant uptrend, with ETH surging by over 20%. However, the gains have quickly dissipated on April 10, 2025, following the release of the United States CPI report. The trend now appears to be turning bearish.
Ethereum (ETH) Price Action and Technical Analysis
Expert technical analysis suggests that ETH is currently bearish and is hovering near the critical support level of $1,450. This level will be pivotal in determining the future direction of the ETH price, as it has been consolidating around this mark for the past four trading days.
Based on recent price action and historical patterns, if selling pressure persists and ETH closes below $1,450, there is a strong likelihood of a 30% drop to the $1,000 level. On the contrary, if ETH manages to hold this support level, it could potentially rally back to reclaim the $1,850 mark in the near term.
Whale Dumps $11.80 Million Worth of ETH
Adding to the bearish sentiment, a long-standing Ethereum whale recently offloaded 7,974 ETH valued at $11.8 million at an average price of $1,479 after remaining inactive for three years. Despite the significant sell-off, the whale still retains 30,606 ETH worth $45.7 million. This move by the whale hints at a potential price decline in the days ahead.
Current Price Momentum
As of the latest update, ETH is trading around $1,500, marking a 1% decline over the past 24 hours. Concurrently, trading volume has surged by 10%, indicating increased participation from traders and investors compared to previous days.
In conclusion, the Ethereum market is currently at a critical juncture, with the $1,450 level serving as a make-or-break point for the price trajectory. Traders and investors are advised to closely monitor the price action and market developments to make informed decisions amidst the ongoing volatility.