Ethereum price Tags $1,500 As Global Stock Market Crash Triggers Circuit Breakers

Ethereum price has hit $1,5000 as Crypto market crash steepens, shedding $410 billion in the past two weeks. The sell-off is not localized to cryptocurrencies but also across the global stock markets, triggering cricuit breakers in Taiwan, Japan, Australia, Russel Futures and even in Singapore. What’s next for Ethereum (ETH) price prediction? Should you buy the dip?

Ethereum Price Suffers Amid Stock & Crypto Market Collapse 

In the early Asian session, Bitcoin price slipped below $80K, Ethereum price hit $1,520 as the stock and crypto markets plummeted in reaction to Trump’s tariffs. As a result of this steep sell-off, the authorities triggered circuit breakers, aka halting trading when markets fall rapidly. Cricuit breakers were triggered in Taiwan, Japan, Australia, Singapore and in Russel Futures.

S&P 500 circuit breakers are market-wide trading halts triggered at three levels – a 7% drop pauses trading for 15 minutes, a 13% drop halts for another 15 minutes, and a 20% drop stops trading for the day.

But there are no circuit breakers in the cryptocurrency markets, which often leads to massive selloff especially if the leverage in the market is high. 

As seen, ETH’s value has crashed nearly 20% in the past 21 hours and currently trades at $1,520. Is this a good place to buy ETH? Let’s explore Ethereum price predictions and key levels to watch.

Ethereum Price Prediction: Key Levels to Watch

The weekly chart for Ethereum price shows that ETH is close to a key support level at $1,504. This is the midpoint of the $1,073 to $1,934 range created between July 2022 & October 2023. The next critical support level is the orderblock at $1,278 formed in mid-December 2022. This demand zone was followed by a 77% rally in under four months. Hence, a revisit of this level could see a strong buying pressure that could absorb the selling pressure.

If the above two key levels fail to support ETH price, then the range low at $1,073 will be the final line of defense. 

Ethereum price prediction remains bearish so long as any of these levels absorb selling pressure and allow ETH bulls to form a base. 

 

If Trump’s tariffs do not stop, then a selling frenzy could make all of the aforementioned support levels meaningless. However, there is one hope for cryptocurrency as Bitcoin is as an uncorrelated asset. If demand flows into BTC amid times of uncertainty, it could fuel Ethereum price recovery rally as well. 

The post Ethereum price Tags $1,500 As Global Stock Market Crash Triggers Circuit Breakers appeared first on CoinGape.