NEWSLETTER
ethereum's native token, Ethher (eth), continues to consolidate below $ 2,000, which some merchants see as a psychological level. Ether's price fell below this rank on March 10, and Altcoin continues to operate with its lowest value since October 2023.
4 -hour ethereum table. Source: cointelegraph/tradingView
Ether Price has also lost market value with respect to other large highs, with the price of XRP reaching its highest level against eth in five years on March 15.
The real question among investors is whether eth is able to recover a part of their recent losses or if the merchants will capitulate if the price falls below $ 1,900.
ethereum merchants could jump if the price falls below $ 1,900
According<a target="_blank" data-ct-non-breakable="null" href="https://x.com/intotheblock/status/1901598388153634893″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/intotheblock/status/1901598388153634893″> Intotheblock dataA data analysis platform, ethereum holders accumulated 3.56 million eth between $ 1,900 and $ 1,843, with an average price of $ 1,871. Therefore, the current accumulation value is currently $ 6.65 billion. This indicates that the eth price has a strong level of support between $ 1,900 and $ 1,843, which can act as the uprising reversal zone.
However, if Ether falls below $ 1,843, the data suggests the possibility of growing capitulation fears. Capitulation is a feeling of the market where investors tend to panic, selling their positions with losses during strong market correction. If eth is consolidated for a prolonged period below $ 1,843, the probability of deeper correction increases exponentially.
Below $ 1,843, the size and volume of the accumulation of eth are significantly lower, which further illustrates the importance of the support range of $ 1,900 to $ 1,843.
Similarly, the percentage of ethereum addresses under profits fell to its lowest level since the beginning of the decade. It is the lowest value since December 2022 in just under 46%.
A low percentage of profitable addresses has historically indicated a price fund for ethereum. Given the high accumulation of eth and less profitable addresses, these factors can act as bullish signs. As a result, the probability that ethereum will consolidate below $ 1,843 in the long term is decreasing.
Hitesh Malviya, the founder of Dyor crypto, <a target="_blank" data-ct-non-breakable="null" href="https://x.com/hmalviya9/status/1901488378136449066″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/hmalviya9/status/1901488378136449066″>saying It is not a “great time to endure in eth.” In an x publication, Malviya highlighted the recent increase in real world assets (RWAS) in the industry, with a 50.9% increase in growth in the last 30 days and an annual increase of 850%, with ethereum and ZKSYNC capturing more than 80% of the total market share.
RWA's market share in L1S. Source: x
Related: bitcoin 'Bullish Cross' with 50%-The average return average returns
ethereum The long/short relationship indicates a neutral market
Alphractal, a cryptographic data analysis website, reviewed the current feeling of the Ether market based on the long/short relationship, a metric to evaluate the proportion of futures operators who bet on price increases (long) versus decreases (short).
Whales versus Retail relationship Heat map. Source: x
According to him <a target="_blank" data-ct-non-breakable="null" href="https://x.com/Alphractal/status/1901005235482476668″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/Alphractal/status/1901005235482476668″>chart Up, the largest investors are more inclined to take long positions, while smaller investors are in the process of disappointing. Disappointment means unwinding risky and provided positions, which reduces market volatility and interest in leverage trade.
With the current relationship in 1.3, the long/short ratio indicates a balanced but cautious market. Addressed added,
“This indicates that, in the short term, ethereum is experiencing low volatility and low interest in leverage, which can leave many merchants exhausted and impatient.”
Related: ethereum Ochain Data suggests that the price of $ 2k eth is out of reach for now
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.
