Data shows bearish sentiment among the Ethereum investors has shot up as the asset’s price has dipped under the $1,600 level.

Ethereum Has Declined Under The $1,600 Mark Recently

Around the start of this month, Ethereum enjoyed some sharp upward momentum as the cryptocurrency reached the $1,750 level. Since that peak, however, the coin has struggled, as its price has now declined again under the $1,600 mark.

Yesterday, ETH even retested a brief $1,550, but the asset quickly found a rebound and has so far held above the level, as the chart below shows.

The bounce has been small, however, meaning that Ethereum could be in danger of making another retest of the $1,550 level in the coming days. Something that may hold hints regarding if more decline is coming could be the investor …