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The Ethereum price has slumped 7% in the last 24 hours to trade at $1,485 as of 3:30 a.m. EST on a 21% plunge in trading volume to $27 billion.
This drop in the ETH price comes after US President Donald Trump slapped a 104% tariff on Chinese goods starting Wednesday at 12:01 a.m. ET after China failed to lift its retaliatory tariffs on US products by a deadline set by the president.
‘China wants a deal, badly’: Trump slaps 104% tariff after Beijing defies ultimatum, says 'waiting for their call'
READ: https://t.co/LMlBXcr3kFhttps://t.co/LMlBXcr3kF
— WION (@WIONews) April 8, 2025
Ethereum Price Tests Key Support Near $1,500 – Targets A Rebound To $1,900
The ETH/USDT pair has been moving within a well-defined descending channel, marked by consistent lower highs and lower lows. The price dropped from highs near $3,800 in December to a recent low of around $1,385, reflecting heavy selling pressure.
However, ETH shows signs of a possible rebound as it bounces from a major support zone. The major support level between $1,500 and $1,700, where Ethereum consolidated between August and October 2024, has historically attracted strong buying interest and is being tested again.
On the resistance side, the price faces immediate pressure at around $1,900 to $2,000, a zone marked by a previous order block (OB) and that aligns with the upper boundary of the bearish channel. A more significant resistance stands around $3,700 to $3,800, which peaked before the downtrend began.
ETHUSDT Analysis Source: Tradingview
Ethereum Price Teeters At Critical Support As RSI Signals Oversold Levels
The RSI (Relative Strength Index) indicator provides further insight into market conditions. With a current value of 25.84 (orange line), Ethereum is deeply oversold, suggesting that the asset could be due for a bounce.
The blue RSI line at 34.60 confirms this oversold condition but also reflects the sustained bearish sentiment, as it remains well below the neutral 50 level. While this oversold RSI is encouraging for bulls, there is no evident bullish divergence, so caution is still warranted.
From a liquidity standpoint, the chart shows clear sell-side liquidity near the $1,500 zone, precisely where ETH is bouncing, which may have triggered buy orders. Conversely, a large buyside liquidity pool is visible above $4,000, suggesting a magnet for future price action if a strong rally occurs.
A sustained hold and bounce from the $1,500 support region could initiate a bullish recovery toward $1,900 and possibly $2,500 or higher if the trend reverses.
However, failure to hold above $1,400 could invite further downside toward psychological levels at $1,200 or even $1,000. A break and daily close above $1,700 would be a strong early signal of a potential trend reversal.
Best Wallet Presale Zooms Toward $12M -Best Crypto To Buy Today?
Meanwhile, as Ethereum continues to dump, investors looking for profitable projects might want to consider Best Wallet (BEST) as a compelling alternative as its presale crashes past $11.6 million.
Best Wallet offers a built-in DEX, a presale aggregator, and an upcoming debit card that provides up to 8% cashback. Adding a twist of entertainment, it also features iGaming elements like free spins, loot boxes, bonuses, and reduced fees.
Holders of the BEST token benefit from lower fees and better pricing, thanks to integrations with over 200 decentralized protocols and 20 cross-chain bridges. The platform also simplifies converting more than 100 fiat currencies into crypto.
According to crypto influencer ClayBro, with over 136k subscribers, the BEST token has the potential to surge up to 10X once it officially hits the market.
A standout feature is the “Upcoming Tokens” section, which helps users discover high-potential early-stage projects. For example, the platform spotlighted Pepe Unchained (PEPU) before it surged 6X.
Now, the launchpad offers several projects, including BTC Bull Token (BTCBULL), a meme coin that rewards holders with free Bitcoin, along with Solaxy (SOLX), a Solana layer-2 project.
The BEST token is the engine powering the ecosystem. It supports on-chain activities and enhances security. With over 500,000 users and a monthly growth rate of 50%, Best Wallet is rapidly gaining momentum.
The best plays are the ones you catch early. 👀
With Best Wallet, you can track upcoming projects, monitor token balances, and claim your tokens directly within the app.
Opportunities don’t wait. Make sure you’re ready. 🔥
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— Best Wallet (@BestWalletHQ) February 15, 2025
Currently, BEST is trading at $0.02465 and can be purchased using crypto or bank cards. Additionally, users can stake BEST tokens for an annual yield of 134%.
With a scheduled price increase in around11 hours, now is an opportune moment for investors to secure the best deal.
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