Ethereum price falls below $1,500, have the bulls jumped ship?

Ethereum price plummets to $1,480 in free-fall fashion.
The volume profile indicator is still relatively low.
Invalidation of the bearish thesis is a break above $1,750.

Ethereum price descends 15% over the weekend. Despite the attractive discount, the technicals suggest the ETH price could fall a bit further.

Ethereum price is losing value

Ethereum price concerns investors this weekend as the decentralized smart contract giant has lost support from the psychological $1,500 level. The sharp, declining bearish engulfing candle established by the bears is a moving freight train many investors will not want to jump in front of.

Ethereum price currently auctions at $1484 on Sunday, August 2028. The Relative Strength Index has a bit more cushion space to fall which confounds the idea that the market bottom is not yet in place amidst the sharp liquidation. Additionally, the Volume Profile Indicator showed an uptick last week on August 19. The bulls have not yet been able to match a retaliative trading day with equal or more volume.

ETH.USDT 2-Day Chart

Thus traders should align themselves with the bearish thesis until more evidence argues otherwise. The ETH price points to $1,400 and potentially $1320 if market conditions persist.

Invalidation of the bearish thesis is a closing candle above $1,750. If the bulls can breach this level, they may be able to rally back towards $2,000, resulting in a 36% increase from the current Ethereum price.

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market - FXStreet Team

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.