The native token of Ethereum, Ether (Et), Posted a new annual low to $ 2,070, which has also been the lowest since January 1, 2024. The second largest cryptocurrency dropped 7.40% in February. 28, leading to more than $ 200 million in fluids in the past 24 hours.
Ethereum1-day chart. Source: Cointelegraph/TradingView
By ETH prices today that test two -year lows, 0xlouist, a crypto investment manager, Says Ether’s social sentiment has been “lowest in the last 12 months”.
Weekly near Ethereum is close to 2-year lows
The Ether price dropped 24.50% in the last seven days, the worst weekly shift from 2022. Weekly near the bottom $ 2,300 will mark the lowest since November 2023, a two low man.
Ethereum weekly chart. Source: Cointelegraph/TradingView
As described in the chart, the top altcoin is also set to close below the 200-week exponential transfer of average (EMA). The 200-week indicator of EMA closely monitors the bottom range of Ethereum.
Since 2020, ETH/USD has closed under 200-week EMA levels for only 39 weeks at a possible 268, 14.55% of the time.
Related: Why is the crypto market declining today?
Thus, based on historical trends, Ethereum can obtain a position above the EMA level within a few weeks.
However, a double pattern threatens the bulls. The 7-day chart also shows a double pattern that is shaping the last year. A close under $ 2,100 will confirm the neckline, and any correction of under $ 2,000 increases the chance of another 28% to the next support to $ 1,500.
Ethereum 1-week chart. Source: Cointelegraph/TradingView
Jason Pizzino, a crypto investor, also cited That Ethereum could “have more problems” if it closes under $ 2,000- $ 2,1000. Thus, the ETH must remain above $ 2,000 to validate this double-top pattern on the charts.
Ethereum’s cost-base distribution price for $ 1.9K
Although Ether must remain above $ 2,000 to avoid further decline, glassnode data implies that the price of cost-basis is less than $ 1,890.
The price of Ethereum cost-base distribution. Source: x.com
The price distribution of the basic distribution (CBD) of a possession is not a single fixed number but a set of prices reflecting when the ETH last moved onchain. A $ 1,890 CBD price indicates that the ether can restore this amount if the price weakness continues.
Related: Brutal 20% Ethereum price sell-off is not finished, but is there a silver lining for ETH?
Morin, a crypto businessman, also There is underlined That a demand zone for ETH lies around $ 2,100 to $ 1,900. The businessman hopes that the Altcoin drawdown is contained within this range once the bearish pressure subsided.
Ethereum 1-hour Review of the Morin chart. Source: x.com
Conversely, Leon Waidmann, head of research at Onchainhq, suggested ETH exchange balances continue to decrease next to price. Researchers suggest that investors can remain confident of ETH, which has accumulated in major demand zones during price correction.
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.
