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ethereum's native token, Ethher (eth), fell below $ 2,000 on March 10, and Altcoin has fought to recover a position above the psychological level.
While bitcoin (btc) and XRP (XRP) exhibited minor recoveries in the last 24 hours, ether prices could not show an upward impulse on the lists.
The Altcoin collapsed to a minimum of several years of $ 1,752 on March 11. However, chain data and technical analysis indicate that the price could lower an additional 15% in the coming weeks.
ethereum is submerged below the price made after 2 years
The current price deviation below $ 2,000 led to implications in the Altcoin chain. According to Glassnode, a data analysis platform, eth <a target="_blank" data-ct-non-breakable="null" href="https://x.com/glassnode/status/1899444968780935428″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/glassnode/status/1899444968780935428″>abandonment Below its price made of $ 2,054 for the first time since February 2023.
The price made by eth calculates the average price of each eth for the last time, which represents the average cost basis of the total circulating offer. The current fall below the price carried out indicates a generalized widespread loss for all eth holders.
The market value value to the value made (MVRV) also fell to 0.93, indicating an average loss of 7% for all eth holders throughout the network. However, it is important to keep in mind that the price made reflects the weighted average of all historical transactions. Therefore, it covers the cost base of each eth holder, not a specific period as 2023 to 2025.
ethereum TVL chart. Source: Defillama
Meanwhile, the total value of blocked ethereum (TVL) <a target="_blank" data-ct-non-breakable="null" href="https://defillama.com/chain/ethereum” rel=”nofollow noopener” target=”_blank” text=”null” title=”https://defillama.com/chain/ethereum“>abandonment At a minimum of six months of $ 45.6 billion on March 12, 41% less than its peak of $ 77 billion on December 17, 2024.
In addition, the total rates that users paid to use ethereum fell to $ 46.28 million, the lowest level since July 2020, which are indicated more than weakening the network's commitment.
Related: Starknet to settle in bitcoin and ethereum to unify the chains
The ether price between $ 1.6k- $ 1.9K is “attractive”
In a recent x post, Glassnode <a target="_blank" data-ct-non-breakable="null" href="https://x.com/glassnode/status/1899799500249497816″ rel=”null” target=”null” text=”null” title=”null”>explained The way in which the ethereum cost distribution could be useful to identify possible support levels for eth. Based on a weekly perspective, the recent fall of Ether below $ 1,880 led to an accumulation of 600,000-700,000 eth around $ 1,900. The post declares,
“This suggests that $ 1.9K could be established as support if $ eth is consolidated at current levels. Above the place, $ 2.2K (465k $ eth) is the next potential resistance. The supply gap between $ 1.9ky $ 2.2K remains thin, which makes a short -term movement towards plausible resistance. “
At the same time, anonymous analyst Ninja <a target="_blank" data-ct-non-breakable="null" href="https://x.com/Ninjascalp/status/1899329713606099223″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/Ninjascalp/status/1899329713606099223″>believeS ethereum's floor price remains between $ 1,600 and $ 1,900.
The merchant added that the previous range is an “attractive region for commercial money” and establishes a high swing target at $ 2,500.
Related: bitcoin whales suggest $ 80k 'market bouncing' as Binance tickets cool
This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.
