Ethereum Price Tumbles Below Key Support, Analyst Sees Move to $1,580

Ethereum's price has dropped to $1,682 after falling nearly 5% in a day. The price broke below a key ascending trendline and is now below the 200-hour SMA, according to crypto analyst Ali Charts.

Charts expects Ethereum to move towards $1,580, aligning with the current bearish chart structure where ETH is stuck below the $1,750 resistance level.

The network activity hit record highs in Q1 2026, with 13.2 million monthly active addresses and 200.4 million transactions. Tokenized commodities on Ethereum grew 60% quarter-over-quarter, led almost entirely by Gold.

Derivatives activity has dried up, with options open interest falling to $5.5 billion from a peak of $8.5 billion in January and March.