---
title: "Ethereum crash alert: Why ETH might plunge to $1800 soon"
description: "Ethereum is facing significant selling pressure, with a decline of over 10% in the past week and a recent drop of 1.6%. Key indicators suggest continued bearish trends, emphasizing that Ethereum remai"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/213133268.md"
published_at: "2024-09-01T09:01:09.000Z"
---

# Ethereum crash alert: Why ETH might plunge to $1800 soon

> Ethereum is facing significant selling pressure, with a decline of over 10% in the past week and a recent drop of 1.6%. Key indicators suggest continued bearish trends, emphasizing that Ethereum remains overvalued, which may lead to further price corrections. Current trading stands at $1,486.34, with over 63% of addresses in profit. Projections indicate potential drops to $1,197.28 and possibly $1,097.86 if the bearish momentum continues without a reversal.

-   *Selling pressure on Ethereum was rising over the past few days.*
-   *The NVT ratio indicated that Ethereum was overvalued.*

Ethereum \[ETH\] investors were having a tough time as the bears continued to dominate the market. In fact, the latest data suggested that it might take even longer for the bulls to regain control.

Let’s have a look at why it seemed likely for ETH bears to push the token’s price down further.

## **Ethereum troublesome future**

CoinMarketCap’s data revealed that Ethereum bears pushed the token’s price down by more than 10% in the last seven days. The bearish trend continued in the last 24 hours as ETH’s value dipped by 1.6%.

At the time of writing, Ethereum was trading at $2,486.34 with a market capitalization of over $299 billion.

As per IntoTheBlock’s data, 76.8 million ETH addresses remained in profit, which accounted for 63% of the total ETH addresses.

In the meantime, Ali, a popular crypto analyst, posted a tweet highlighting an interesting development. As per the tweet, the MVRV Momentum indicated that Ethereum was still in a downtrend.

The bad news was that there were no signs of a trend reversal. This clearly suggested that investors might witness the king of altcoins drop further in the coming days.

Therefore, AMBCrypto planned to have a closer look at ETH’s state to find out what to expect.

Source: X

## **ETH’s possible support levels**

AMBCrypto’s analysis of Glassnode’s data revealed that Ethereum’s NVT ratio registered a massive spike. Whenever the metric increases, it suggests that an asset is overvalued, hinting at a price correction.

Source: Glassnode

CryptoQuant’s data also revealed quite a few bearish metrics. For example, ETH’s exchange reserve was increasing, meaning that selling pressure was on the rise.

Apart from that, the total number of coins transferred has decreased by -37.28% compared to yesterday. Another bearish metric was the active addresses, as it dropped in the last 24 hours.

Source: CryptoQuant

Since the aforementioned datasets hinted at a continued price drop, AMBCrypto checked Ethereum’s daily chart to look for possible support zones. The technical indicator MACD displayed a bearish c crossover. Ethereum’s Chaikin Money Flow (CMF) registered a downtick.

* * *

Read Ethereum’s \[ETH\] Price Prediction 2024–2025

* * *

The Relative Strength Index (RSI) also followed a similar declining route, suggesting that the chances of a further price drop were high. If that’s true, then it won’t be surprising to see Ethereum plummeting to $2.28.

A slip under that support level could push ETH down to $1.86 in the coming days or weeks if the bulls don’t buckle up.

Source: TradingView

### Related Stocks

- [ETHE.US - Grayscale Ethereum Staking ETF](https://longbridge.com/en/quote/ETHE.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.