Ethereum (ETH) officially lost $2,000, falling below this key level for the first time since 2023, reaching its lowest point since October 2023. This incredible 57% decline has created a difficult environment for bulls as Ethereum struggles to find stability amid growing sales pressure.
The wider crypto market slump, driven by macroeconomic uncertainty and risk-off sentiment, leaves ETH in a vulnerable position, with traders sure that a bottom is forming or even downsides ahead. The sharp decline in Ethereum’s value has been intensifying bearish sentiment, making it one of the worst major altcoins in the past few months.
According to GlassNode data, Ethereum is testing key levels below $2,000 based on the MVRV price range and above $1,800. Historically, this range has served as a major support zone, and its retention capacity is important in determining Ethereum’s short-term price direction. If the ETH is not stable, the market could be due to another wave of sales, which could result in even lower prices.
Ethereum tests critical support as a market struggle
The entire crypto market is suffering from a major collapse, and the fear and uncertainty of the trade war surrounding the US president’s policies are heavily weighing on investors’ feelings, reflecting a decline in the US stock market. Macroeconomic instability and volatility have been a major market driver since the November 2024 US election, and current conditions suggest that this trend is over.
The US administration’s growing concerns about the world trade war and volatile decision-making have led the US stock market to its lowest level since September 2024, further driving uncertainty. This risk-off environment has led to increased sales pressure across the crypto market, as Ethereum (ETH) struggles to maintain critical support levels.
Top analyst Ari Martinez shares his insights on the X and highlights that Ethereum is testing key levels based on the MVRV price range. According to on-chain data, the realised price for the ETH is currently at $2,060. This is the level that served as an important support in the previous cycle. If Ethereum cannot be held above this mark, the next major downside goal is around $1,440, representing a significant drop from current levels.
As the market situation remains vulnerable, the next few trading sessions are important in determining Ethereum’s short-term trajectory. If your ETH can hold more than $2,060, you may have an opportunity to stabilize your recovery and try. However, if sales pressures increase, the market could result in Ethereum testing falling below significantly lower price levels, increasing uncertainty among investors.
ETH is struggling to fall below $2,000
Ethereum is currently trading for $1,900. There has since been a large sales pressure, leading to serious losses. ETH failed to hold any significant levels, marking one of the lowest points in months just a few hours ago, with a price lower by $1,750. Under continued bear control of the market, the Bulls are currently competing to regain the $2,000 mark to stabilize price action and change momentum towards a potential recovery phase.
For Ethereum to regain strength, it will need to quickly push and push $2,000 beyond its current level. This break above the key resistance zone will show new purchase interest, reduce sales pressure and allow ETH to try to recover more sustainedly. However, if ETH fails to recover $2,000, the market is likely to see a continuing downtrend and is expected to see a further decline.
Because Ethereum is in a fragile position, the next few days will be important in determining whether the Bulls can intervene to reverse the trend, or whether ETH will slip into a deeper correction area. If the main levels don’t recover, traders are closely watching price movements as Ethereum is exposed to further downside risk.
Dall-E special images, TradingView chart
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
