Ethereum (ETH) is facing significant pressure, with its price plummeting to lows of $1,473 after a drop below key support levels. According to CryptoQuant, the leading on-chain platform, ETH investors face potential losses of up to $910 if prices reach a critical level of $1,290, which represents the next major support point for the asset. 8 11.95% decline in the last 24 hours, according to CoinMarketCap data. Despite these bearish trends, trading volume has surged by 570.91%, reaching a staggering $52.37 billion. This surge reflects investor activity as they seek opportunities to minimize losses and capitalize on the dip. As market participants buy into the asset’s decline, this increased trading volume is expected to have a significant impact on the price trajectory of Ethereum. 4 CryptoQuant emphasizes that a level of $1,290 acts as a crucial floor for preventing further declines. If this level holds, ETH could potentially witness a resurgence in buying activity and see renewed interest from market participants. The analysis highlights the role of institutional investors, especially those holding over 100K ETH, who might act as price stabilizers during a downturn. Notably, their behavior will play a critical role in determining the coin’s recovery path. The impact of prominent financial figures like Peter Schiff’s predictions regarding Ethereum’s price remains a topic of discussion among market participants. Schiff’s prediction that ETH could plummet to $1,000 is seen as a potential bearish scenario that many hope will not materialize.