Ethereum Price Breaks Key Support Level; More Trouble Ahead?

• Ethereum had a solid October beginning but has since seen heavy selling pressure.
• Since the price broke the support level of $1585, it will now likely test the $1435 mark.

According to statistics from DefiLlama, the TVL on decentralized finance (DeFi) projects fell by 30% year over year, reaching a low of $36.95 billion. The crypto sector as a whole is facing severe bearish sentiment.

While the year began off well for DeFi projects with a high point of over $52 billion in April, the sector has seen six months of sustained underperformance, driving it to its present low. DefiLlama data shows that, despite widespread pessimism, liquid staking projects have prospered, increasing in value by about 300% from its 2022 low to nearly $20 billion in TVL.

Severe Selling Pressure

Ethereum had a solid October beginning but has since seen heavy selling pressure, dropping below $1600 earlier this week. Investors are now concerned about the near-term trajectory of ETH.

The price of ETH has shown high volatility, and bulls failed to safeguard the $1585 support level. Amid this chaos, one of the most prestigious banks in the world, Standard Chartered, has made a bold prediction: Ethereum could climb to $8,000 by 2026 end.

At the time of writing, ETH is trading at $1546, down 1.99% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 14.04%. Also, the price has witnessed 5.68% decline in the last 7 days.

Since the price broke the support level of $1585, it will now likely test the $1435 mark. Further decline will likely see price testing $1140 support area. If bulls can drive the price above $1645 resistance area then a fresh rally all the way till $1735 is likely on the cards.