Ethereum (ETH) Price Forecast for April 16: Bearish Trends Persist

Ethereum (ETH) is down 5.36% today, approaching support at $1,551. A failure to maintain this level could drive prices towards $1,500. Following a prior breakout attempt at $1,689, bearish conditions persist, with potential declines forecasted to the $1,300 region if support at $1,537 is breached. Currently, ETH trades at $1,569.

Ethereum (ETH) has experienced a significant decline of 5.36% today, indicating a bearish sentiment within the market. As stated on TradingView, the cryptocurrency is approaching critical local support at $1,551. Should buyers fail to regain momentum, a breach of this support level may prompt a testing of the $1,500 zone shortly thereafter.

Examining the larger timeframe, Ethereum’s price has retreated following a false breakout around the $1,689 resistance level. If the daily candle closes near the low, there may be further declines towards the $1,450 to $1,500 range. Current price action highlights a continuation of bearish trends, warranting caution among investors.

In the midterm outlook, traders are advised to observe the nearest support level at $1,537. The current bearish trend suggests that if the price fails to regain stability above this mark, it could lead to further corrections towards the $1,300 range, as indicated by market analyses. At the time of this report, Ethereum is trading around $1,569.