In the past 24 hours, Ethereum (ETH) has experienced a nearly 6% decline, exacerbating a week marked by significant price drops across the cryptocurrency market. Currently trading below $1,500, Ethereum’s price action has raised concerns among market participants about the potential for further losses, particularly a possible drop to $1,000 in April.

Several factors are contributing to this pessimistic outlook. Concerns over liquidations, diminishing network activity, and bearish technical indicators are driving discussions about Ethereum's near-term prospects. The recent downturn has led to heightened volatility, prompting traders to closely monitor key support levels. Notably, Standard Chartered recently suggested that XRP might surpass Ethereum in terms of market position by 2028, adding to the pressure on ETH.

The recent decline aligns with a broader cautious sentiment in the crypto space, where alternative coins, or \"altcoins,\" are experiencing uncertainty. Ethereum is approaching levels that could trigger substantial liquidations, which occur when traders holding leveraged positions are compelled to sell assets due to falling prices. According to on-chain data, if ETH falls below $1,200, liquidations across leveraged positions could reach approximately $342 million, amplifying selling pressure and further weighing on the asset's price.

Investor sentiment remains volatile, with prominent figures like Peter Schiff expressing skepticism about Ethereum’s ability to sustain its current price level. Schiff has warned via social media that a breakdown below $1,000—a price not seen since early 2021—could happen sooner than expected.

Ethereum’s total value locked (TVL) has also been declining, dropping from a peak of $86.6 billion in December to $49.34 billion at present, representing a 43% reduction in just a few months. This decline indicates reduced user activity and capital outflows from Ethereum-based decentralized finance (DeFi) protocols, signaling potential challenges for the network’s short-term growth. TVL serves as a critical metric for assessing the health of an ecosystem, with rising values typically reflecting increasing trust and usage of DeFi applications, while falling values suggest diminished demand and engagement.

Currently, Ethereum’s TVL is at multi-month lows, a development that could serve as a bearish indicator for ETH’s price. This situation reflects reduced utility and decreased capital flow within the network, which could exert additional downward pressure on the asset should the trend persist.

Technically, Ethereum has been trading below $2,000 since March 26, with its exponential moving averages (EMAs) indicating a bearish configuration. Short-term EMAs are positioned below longer-term EMAs, a pattern often associated with sustained downside momentum. This suggests that sellers remain dominant, and the market may be preparing for further corrections.

Should the bearish momentum continue, Ethereum could revisit support near $1,400. A break below this level might trigger a more pronounced sell-off, potentially pushing the price toward $1,000 in April, a level that holds both psychological and historical significance. Conversely, if buyers regain control and reverse the trend, ETH could initially face resistance at $1,749. A successful breakout above this level could pave the way for tests of $1,954, with strong momentum possibly enabling Ethereum to breach the $2,000 threshold and target $2,104.

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