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Ethereum Price Looks Set To Crash To $1,000-$1,500, But Can It Fill The CME Gaps Upwards To $3,933
Ethereum is facing renewed downward selling pressure, with the entire crypto market entering a fresh downtrend in the past 24 hours. This renewed selling pressure has seen the Ethereum price lose a strong support level at $1,800, causing it to fall by about 14.5% from its price 24 hours ago at the time of writing. The trading trend shows that the Ethereum price is about to break below $1,500, with one analyst even suggesting a potential break to $1,000. Yet, despite the sharp decline, technical patterns suggest the possibility of Ethereum revisiting much higher price levels upwards to $3,933, specifically to fill multiple CME futures gaps that are still open above. Ethereum Breaks Below Key Support, Larger Breakdown Ahead The loss of the $1,800 support has strengthened the bear case for Ethereum, especially amid broader weakness in the altcoin market. One of the more blunt takes comes from crypto analyst Andrew Kang, who argued that the price of Ethereum is actually overvalued. He described Ethereums $215 billion market cap as ridiculous for what he calls a negative growth/profitability asset. Related Reading: Analyst Reveals Bullishness On Ethereum Price At This Point, Can It Hit $4,000 Again? According to Kang, the momentum of speculative winds that used to ignite Ethereums price surge has run dry, and a revisit of the $1,000 to $1,500 zone is not only likely but overdue. What adds weight to Kangs warning is how quickly the market appears to have validated his concerns. Since his statement, Ethereums market cap has dropped significantly, sliding to $186.5 billion at the time of writing. Although the decline is due to other market factors, the pace and depth of this decline suggest that investor confidence in Ethereum may be lower than expected, with no immediate signs of reversal in sight. If bearish pressure continues, Ethereum could soon find itself trading at the lower end of Kangs projected range at $1,000. CME Gaps Above $2,500 Offer A Technical Outlook For Rebound Even as price action trends lower, Ethereums CME futures chart tells a different story. Titan of Crypto pointed out that three distinct CME gaps are unfilled above the current market level. These include a gap between $2,550 and $2,625, another between $2,890 and $3,050, and a partially filled third gap between $3,917 and $3,933. Related Reading: Ethereum Price Hits 300-Week MA For The Second Time Ever, Heres What Happened In 2022 The CME gap theory is rooted in the observation that asset prices often return to fill these voids, even if the move takes weeks or months. In the case of Ethereum, the odds of a return to the CME gaps are very low in the short term. However, considering Q2 2025 is only just starting, there is still enough time to witness the buying pressure needed to fill these levels before the end of the year. At the time of writing, Ethereum is trading at $1,540, down by 14.5% in the past 24 hours. Featured image from Unsplash, chart from Tradingview.com
