Ethereum (ETH) Price: ETH Drops Below Key Support and Analyst Calls a Move to $1,580 — What’s Next?
TLDR
- ETH is trading around $1,682, down nearly 5% on the day, with price breaking below key trendline support.
- Network activity hit record highs in Q1 2026, with 13.2 million monthly active addresses and 200.4 million transactions.
- Tokenized commodities on Ethereum grew 60% quarter-over-quarter, led almost entirely by Gold.
- Derivatives activity has dried up, with options open interest falling to $5.5 billion from a $8.5 billion peak.
- ETH is coiled between $1,500 support and $1,920 resistance, with volatility compressing again.
Ethereum is trading around $1,682 after dropping nearly 5% in a single day. The price broke below a key ascending trendline, and the next major support level sits near $1,500.
Ethereum (ETH) Price
The daily chart shows volatility squeezing again after a sharp sell-off in early June. That same pattern appeared before the previous big move lower.
Crypto analyst Ali Charts posted on X: “Ethereum $ETH is breaking down from its channel and is now trading below the 200-hour SMA. I’m expecting a move toward $1,580.” That call aligns with the current bearish chart structure, where ETH is stuck below the $1,750 resistance level after a brief bounce from the $1,500 floor.
ETH lost two key support levels in recent weeks. It broke an ascending trendline and the $2,150 level in mid-May, then dropped through the $1,920 support zone before buyers appeared around $1,500.
Since that low, ETH has bounced back to the lower band of a descending channel near $1,750. That level now acts as resistance rather than support.
Derivatives and ETF Flows Signal a Quiet Market
Ethereum options open interest has fallen to around $5.5 billion across all exchanges, well below the $8.5 billion highs seen in January and March. Perpetual funding rates have also flatlined near zero, suggesting neither bulls nor bears are in control.
Source: Glassnode
Low open interest and neutral funding mean there is less leverage in the market. When a catalyst does arrive, the price could move sharply with little resistance in either direction.
Spot Ethereum ETF flows have also stabilized. After months of steady outflows, June saw a handful of small positive inflow days. The amounts are modest, but the shift from selling to mild buying is a change from recent months.
Ethereum Network Hit Records in Q1 Despite Price Drop
Despite the price weakness, Ethereum’s underlying network posted strong numbers in Q1 2026. Monthly active addresses averaged a record 13.2 million, up 53.5% from the prior quarter. Transaction counts reached 200.4 million, up 38% quarter-over-quarter.
Throughput hit a record 25.78 transactions per second. Fees, however, dropped 47.9% quarter-over-quarter following the Fusaka upgrade in December, which expanded data capacity.
Tokenized commodities on Ethereum grew 60% quarter-over-quarter to $4.7 billion, driven almost entirely by Gold. Ethereum holds an 84% share of tokenized commodities across the top five chains.
ETH’s fully diluted market cap fell to $290 billion in Q1, down 30.3% quarter-over-quarter. The Relative Strength Index on the daily chart sits near 38, pointing to weak but stabilizing downside momentum.
The post Ethereum (ETH) Price: ETH Drops Below Key Support and Analyst Calls a Move to $1,580 — What’s Next? appeared first on CoinCentral.
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