Based on market data, Ethereum (ETH) is struggling to stay above $1800 as investors lean towards Bitcoin. Despite overall market optimism, Ethereum is under severe downward pressure mainly due to uncertainties and institutional demand reduction. The drop in Ethereum price is intensifying due to concerns about regulatory developments in the United States. The appointment of Gary Gensler as the head of the Securities and Exchange Commission (SEC), initially seen as a positive catalyst for the digital currency market, has faced strong opposition in Congress. This situation could delay or even halt supportive policies for digital currencies, including President Trump’s proposal to include Ethereum in the national crypto strategic reserve. Liquidity in the Ethereum spot market has dropped by 26% in the last 24 hours, indicating weak buyer support at current price levels. On-chain data indicates the largest accumulation zone for Ethereum is between $1596 to $1790, where 8.73 million addresses collectively hold 3.61 million ETH. In case the $1600 support breaks, selling pressure may increase, and the downward trend could intensify. From a technical standpoint, Ethereum’s trend remains bearish. The Average Directional Index (ADX) at $2212 shows strong resistance, and the inability to reclaim this level confirms buyer weakness. The Moving Average Convergence Divergence (MACD) also indicates a continuing downward trend. However, if the ETH price crosses $1850 and stabilizes, there is a possibility of retesting the $2212 resistance. Conversely, a drop below $1754 could lead to further selling pressure and a price decline to the critical range of $1600, where 12.3 million addresses will be at a loss. Visit the Digital Currencies Instant Price page to monitor token and cryptocurrency prices live and in real-time.
