Ethereum crashes back below $1,600 — will it hit $800?

Ethereum slipped back below the $1,600 mark today after briefly peaking at $1,653 earlier in the day. 

The price movement mirrored Bitcoin’s recent rally, with Ethereum (ETH) initially breaking through key resistance at $1,600 and $1,620 before facing selling pressure that halted its climb.

Now trading around $1,575, ETH is down 3.10% over the past 7 days, according to crypto.news data.

Ethereum co-founder Vitalik Buterin recently proposed replacing the Ethereum Virtual Machine with RISC-V to improve performance and scalability. He argued that RISC-V, already used in zero-knowledge EVMs, could boost proving efficiency by over 50 times. 

The proposal maintained backward compatibility while shifting the backend computation process to RISC-V. It came as Ethereum faced multi-year lows in network activity and transaction fees.

Will Ethereum go lower?

Despite the recent pullback, ETH shows higher lows, suggesting buyers are still active. Analysts note a break from its downtrend for the first time since February 2025. If Ethereum can hold the $1.6K level, it could rise to $2K in April.

Some more pessimistic analysts, such as veteran commodity trader Peter L. Brandt, forecast that Ethereum could plunge to a low of $800, similar to its 2022 low.