Ethereum Price Tumbles Below $1,600 Amid Ongoing Risk-Off Sentiment

Ethereum's price has declined by 23.5% over the past 30 days, reaching $1,564 at the time of writing.

The decline has led to a drop in bearish positioning in Ethereum derivatives, with the Net Taker Volume gradually contracting from negative territory over the past three weeks.

However, despite this easing of bearish sentiment, risk-off sentiment remains prevalent across the crypto market, with ETH futures undergoing a partial reset after the Estimated Leverage Ratio fell to 0.85 in the past three weeks.

The Realized Price Lower Band suggests that ETH could drop by nearly 30% before forming a bottom, a level investors continue to watch.