Ethereum drops below $1600

Ethereum has broken a key support level, now trading around $1,569 after a 13% drop in the past 24 hours. The entire crypto market is under pressure, with the global market cap falling over 6% to $2.51 trillion — meaning roughly $160 billion has been wiped out in a day.

 

Trading volume spikes as panic sets in

Ethereum’s 24-hour trading volume has surged nearly 300%, a signal of widespread panic selling. ETH had been moving steadily between $1,700 and $1,800 for weeks, but the recent rejection near $1,950 triggered a wave of sell-offs. The market cap has dropped to $189.5 billion, and traders are bracing for more downside.

 

Can ETH hold $1,550?

All eyes are now on the $1,550 level. If Ethereum fails to hold this support, the next target could be $1,450 — a price point last seen in early 2023. What seemed like the start of a bull run just a week ago has turned into a sharp correction, reminding everyone how fast things change in crypto.