The price of the largest altcoin, Ethereum (ETH), is also losing value amid the crypto market downturn. Ethereum has dropped 4.5% in the last 24 hours to the $1,600 level. So, could the next target for ETH be $1,000?

Why are cryptos falling?
Numerous macro factors regularly affect the prices of cryptocurrencies. However, recent statements by Elon Musk showing his businesses liquidating significant Bitcoin holdings have intensified the current downturn. This significant divestment by a prominent “whale” exacerbated prevailing market concerns.
Why is Ethereum falling?
ETH has been significantly impacted by a broad cryptocurrency market drop. Over the past seven days, the top altcoin has witnessed a significant drop in its value, recording a 9.9% loss. This comes as many other cryptocurrencies grapple with similar downward pressures, highlighting the challenges the crypto market is currently facing.
Can ETH drop to $1,000?
Amid the ongoing bearish trend in the cryptocurrency market, Ethereum's technical indicators suggest that the downward move will continue. Considering the current market dynamics, ETH price may have some important downside targets.
These targets are critical levels that traders should watch in the days and weeks ahead. The prevailing market conditions and external factors will undoubtedly play a crucial role in determining whether Ethereum reaches these potential milestones. If the decline continues, ETH price targets are located at $1,400, $1,260, and $1,080, respectively.
Can an improvement come?
A potential price rebound largely depends on the general mood in the crypto space. If the negativity subsides, the market may return to "buying mode". However, this process will take place gradually.
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