ETH Bears Threaten $2,000 Support as Coin Hits 2023 Lows
Ethereum’s price has fallen by another 13% over the past week. In the early days of Asia on Monday, the leading altcoin fell to $1,997, the lowest level since December 2023.
With bearish bias, cryptocurrencies may soon be below the $2,000 support level again.
ETH sell-off surges as 50% of holders fall into losses
An evaluation of the ETH/USD system shows that altcoins are trading significantly lower than its Ichimoku cloud and has done so since January 25.
At press time, leaders’ dynamic resistance across the A (green) and B (red) forms was higher than Altcoin’s price, at $2,346 and $2,742, respectively.
Ichimoku Cloud tracks momentum in asset market trends and determines potential support/resistance levels. When the price trading is higher than this cloud, the market is on an upward trend.
On the contrary, when the price of the asset under Cloud, the market is on a downward trend. In this case, the cloud is a dynamic resistance zone above the ETH price. If the price of the coin remains, it enhances the possibility of continuing to fall Below.
Furthermore, the price drop in ETH has caused many holders to lose. Each glass node, the average buy price of ETH wallet address is lower than the average buy price of the current price of the coin, which has dropped to 50%.
This means that only 50% of all addresses holding ETH is profitable. In context, the beginning of the year was 82%. This trend could worsen the sell-off of ETH merchants, as many are now trying to unload their holdings to minimize losses.
If sales intensify, it can further drive ETH price reduction, strengthen bearish momentum and potentially trigger more Stop selling.
Next step for Ethereum: $1,924 failure or rallies exceed $2,500?
If sales pressure persists, ETH’s $2,000 support may not be held. This could open the door to further losses in the coming days. Readings from the Fibonacci echo tool show that the price of the coin could drop to $1,924 if demanded Further weaken.
However, a positive shift in market sentiment will invalidate this bearish forecast. If ETH witnesses a revival of new demand, it could raise its price to $2,224. If the coin pours this resistance into the support layer, it may push the price of ETH towards the coveted $2,500 Region
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
