Ethereum Trades Below $1,600 as Key Support Zone Faces Test

• ETH Gas Fees Hit Lowest Point in Five Years
• Whales Sell 143K ETH as Price Nears $1,593
• Tight Bands Signal Imminent ETH Price Move

Ethereum is trading below $1,600 as technical and on-chain indicators point to a critical price zone. The altcoin’s long-term structure remains pressured, yet some data suggests a possible accumulation phase. Market watchers are monitoring the $1,450–$1,550 support range for signs of stability.

Ethereum Faces Pressure as Usage Drops and Fees Hit Multi-Year Lows

According to data from Santiment, Ethereum’s average transaction fee dropped to $0.168, reaching its lowest level in five years. This fee level indicates decreased network activity as fewer users interact with smart contracts or transfer ETH. Etherscan data confirms that gas fees are averaging just 0.335 gwei, or approximately $0.02.

DeFiLlama reports Ethereum’s total value locked (TVL) fell 3% in the past week and 8% over the past 30 days. It now stands at $46.85 billion. Meanwhile, Solana's TVL rose 4.4% in the last 7 days, showing rising interest in lower-fee chains. Binance Research noted Ethereum’s value capture has weakened since the Dencun upgrade due to Layer-2 scaling and fee migration.

ETH’s 24-hour trading volume rose 2% to $13.6 billion, with the price now at $1,593. Coinglass data shows Ethereum saw $57.08 million in futures liquidations in 24 hours. Whale activity also continues, with over 143,000 ETH sold last week, according to data shared by Ali.

Key Technical Levels in Focus as Ethereum Tests Support

According to an April 17 analysis by CryptoQuant contributor abramchart, Ethereum is near its realized price of $1,593, a level that has previously marked market bottoms. Historically, every major ETH rebound began after reaching or falling below this range.Technical indicators remain mixed. 

The Relative Strength Index is just below 40, suggesting weak momentum but not yet oversold. Ethereum is below its 20-day and 200-day moving averages, which signals ongoing downward pressure. 

The Bollinger Bands are tight, suggesting low volatility, and a breakout move could happen soon.If ETH holds above $1,550, buyers may regain control. Otherwise, a drop to the $1,450 range may follow.

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