Ethereum’s native token, Ether (Eth), dropped below $ 2,000 on March 10, and Altcoin struggles to recover a position above psychological level.
While Bitcoin (BTC) and XRP (XRP) Showing minor recovery in the past 24 hours, Ether prices have failed to show bullish momentum on charts.
Altcoin fell to a multi-year low $ 1,752 on March 11. However, onchain data and technical examination indicated that the price could drop an additional 15% in the coming weeks.
Ethereum dips below realized the price after 2 years
The current price deviation below $ 2,000 brought by the implications to Altcoin. According to Glassnode, a data platform analytics, ETH Fall Below the realized price of $ 2,054 is the first time since February 2023.
Ethereum realizes price and MVRV. Source: x.com
ETH realizes the price calculated the average price of each ETH last moved, representing the average basis of the cost of the total supply of the migratory. The current collapse below the realized price indicates widespread unknowingly loss for all ETH holders.
The market value in the realized value (MVRV) ratio also dropped to 0.93, indicating a 7% average loss for all ETH holders throughout the network. However, it is important to note that the realized price reflects the weight average of all historical transactions. Therefore, it covers the basis of the cost of each ETH holder, not a certain time like 2023 to 2025.
Ethereum TVL chart. Source: Defillma
Meanwhile, the total amount of Ethereum locked (TVL) Fall At a six -month low to $ 45.6 billion on March 12, down 41% from the peak of $ 77 billion on December 17, 2024.
In addition, the total fee for users paid to use Ethereum fell to $ 46.28 million – the lowest level since July 2020 – higher signaling that weakened network contact.
Related: Starknet to settle in Bitcoin and Ethereum to unite chains
Ether price between $ 1.6k- $ 1.9k is “attractive”
In a recent x post, glassnode Explained How Ethereum’s cost-base distribution can be useful in recognizing potential support levels for ETH. Based on a weekly perspective, Ether’s recent collapse below $ 1,880 led to an accumulation of 600,000-700,000 ETH around $ 1,900. The states of the post,
“This indicates $ 1.9k can establish itself as a support if the $ eth is combined with the current levels. Above the area, the $ 2.2k (465k $ eth) is the potential next resistance. The supply gap between $ 1.9k and $ 2.2K remains thin, making a short -term move towards resistance.”
Ethereum weekly analysis by Ninja. Source: x.com
At the same time, the analyst ninja analyst Believe itS that the floor price for Ethereum remains between $ 1,600 and $ 1,900.
The trader added that the above scope is a “attractive -a -a -a -a -component region for commercial currency” and set a high target swing at $ 2,500.
Related: Bitcoin Whales Hint to $ 80k ‘Market Rebound’ while Binance’s Cool
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
