Ethereum’s long-term accumulation can relax if ETH price drops below $ 1.9k-analyst
The native token of Ethereum, Ether (Et)Continue to combine under $ 2,000, viewed by some entrepreneurs as a psychological level. Ether prices have slipped below this range on March 10, and Altcoin has continued to trade its lowest cost since October 2023.
Ethereum 4 hours chart. Source: Cointelegraph/TradingView
Ether price also loses market value with respect to other major altcoins, with the price of XRP Reach Its highest level against ETH in five years on March 15.
The real question for investors is whether ETH is capable of recovering a portion of its recent losses or if traders will feature if the price drops below $ 1,900.
Ethereum entrepreneurs can jump the ship if the price falls below $ 1,900
According to Data from intoteblock. Therefore, the current amount of accumulation currently stands at $ 6.65 billion. This indicates that ETH prices have a strong support level between $ 1,900 and $ 1,843, which can potentially act as a bullish reversal zone.
Ethereum on/out of money chart. Source: x.com
However, if the ether drops below $ 1,843, data points on the possibility of increasing capitulation. Captain is a market sentiment where investors tend to be inpanic, which sells their loss positions during a sharp market correction. If the ETH is combined for a long period of time under $ 1,843, the likelihood of a deeper correction increases dramatically.
Below $ 1,843, the size and volume of ETH accumulation is significantly lower, which further describes the importance of the $ 1,900 to $ 1,843 support range.
Similarly, the percentage of Ethereum addresses under income has dropped to its lowest level since the beginning of the decade. This is the lowest value since December 2022 under just 46%.
ETH: Percentage of income addresses. Source: x
A low percentage of profitable addresses have a history indicating a bottom price for Ethereum. Due to the high accumulation of ETH and fewer profitable addresses, these factors can act as bullish signals. As a result, the possibility of Ethereum integration below $ 1,843 in the long -term period decreases.
Hitesh Malviya, the founder of Dorpto Dirpto, Says It’s not a “great time to get rid of ETH.” In an X post, Malviya showed the recent increase of real-world assets (RWAs) in the industry, with a 50.9% increase in growth over the past 30 days and an 850% annual increase, with Ethereum and Zksync getting more than 80% of the total component of the market.
The sharing of the RWA market with L1S. Source: x
Related: Bitcoin ‘Bullish Cross’ with 50%-Plus average return of flashes
Ethereum long/short ratio indicates a neutral market
Alphractal, a crypto data review website, reviewed the current sentiment in the Ether market based on a long/short ratio, a metric to assess the proportion of futures entrepreneurs who bet for rising prices (long) compared to cuts (shorts).
Whales compared to the ratio ratio. Source: x
According to chart Above, the biggest investor is more inclined to take a long position, while the smaller investors are in the deleveraging process. Serving means not to love risk, borrowed positions, lowering market volatility and interest in leveraged trading.
In the current ratio to 1.3, the long/short ratio indicates a balanced but careful market. Added alphractal,
“This indicates that, in the short term, Ethereum experiences low volatility and low interest in action, which can leave many merchants tired and impatient.”
Related: Ethereum Onchain data suggests a $ 2K ETH price out of reach today
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.
