Ethereum’s price is currently facing uncertainty after comments from Federal Reserve Chair Jerome Powell. Powell emphasized a cautious approach to interest rate reductions, leading to increased caution in the market and a potential selloff risk for Ethereum. This cautious outlook coincides with growing bearish sentiment as investors prepare for a potential correction. 77,000 ETH were transferred to derivative exchanges on April 15th alone, indicating a surge in exchange reserves that could lead to selling pressure. While this influx suggests investor confidence is waning, data from IntoTheBlock shows negative Netflow, meaning outflows outweigh inflows, suggesting Ethereum has seen buying activity during the decline. This dynamic is reflected in the rising open interest for Ethereum, which surged by over 3.87% to nearly $18 billion. Despite the bearish pressure, an intriguing analysis suggests a potential rebound. CryptoQuant analyst highlights that Ethereum is trading near its realized price, a level typically associated with major price rebounds. The current ETH price, hovering around $1,588 after a decline of over 1.5% in 24 hours, faces resistance from the descending EMA trend lines. If sellers can push prices below $1,400, we could witness a deeper selloff toward $1,130, attracting buying pressure as the market recovers. However, if bears continue to dominate, a decline towards $1,000 is likely. Conversely, breaking and closing above $1,700 would be a strong indicator of a bullish turnaround, potentially leading to a rally towards $2,000. While the 50-day SMA might slow down the recovery, it’s expected to be surpassed if buyers gain momentum.