Ethereum price declined further on Monday, mirroring the broader crypto market slump. The coin was down by 6% and traded at $1,483 at press time, with its weekly losses at 17.7%. That performance seems likely to follow the tempo set by the global financial markets, which are on a steep decline in the face of a broadening trade tariff war.
The weak performance by ETH is also reflected in the ETF market. According to Coinglass data, spot ETH ETFs recorded outflows totaling -$49.93 million in the week of March 31-April 4. That signals declining institutional interest in the coin, a sentiment which will limit the price upside. Ethereum price dropped by 12.5% on Sunday, its second double-digit loss on the daily chart in the last month.
The downtrend is likely to continue, as the ETHUSD trading volume has risen by 343% in the last 24 hour. The steep rise in volume amid declining prices affirms rising selling pressure.
In addition, Ethereum has taken a hit in the DeFi space, with its Total Value Locked (TVL) down by 9.2% in the last 24 hours to read $45.70 billion as of this writing. DeFi is Ethereum chain’s forte, as it accounts for 52% of the total market share. Therefore, underperformance in that front denotes a substantial reduction in ETH utility, which will add pressure on Ethereum price.
Ethereum price pivots at $1,590 and resistance at that level will keep the downward trajectory. The coin will likely find its initial support at $1,450. However, an extended control by the sellers will break below that level and could proceed to test the second support at $1,410.
However, if the price moves above $1,590, it will signal a shift in the momentum to the upside. The bullish move will likely meet the first hurdle at $1,620. Breaking above that level will invalidate the downside narrative. Also, such momentum could extend gains an push Ethereum price to test $1,650.
This post was last modified on Apr 07, 2025, 08:04 BST 08:04