Ethereum nears 2-year low weekly close — Why $2K ETH price must hold
The post Ethereum nears 2-year low weekly close — Why $2K ETH price must hold appeared on BitcoinEthereumNews.com.
Ethereum’s native token, Ether (ETH), posted a new yearly low at $2,070, which is also the lowest since Jan. 1, 2024. The second-biggest cryptocurrency dropped 7.40% on Feb. 28, leading to over $200 million in liquidations over the past 24 hours. Ethereum1-day chart. Source: Cointelegraph/TradingView With ETH price now testing two-year lows, 0xLouisT, a crypto investment manager, says that Ether’s social sentiment is “at its lowest in the past 12 months”. Ethereum’s weekly close nears 2-year lows Ether price is down 24.50% in the past seven days, its worst weekly turnover since 2022. A weekly close below $2,300 will mark its lowest since November 2023, a two-year low. Ethereum weekly chart. Source: Cointelegraph/TradingView As illustrated in the chart, the top altcoin is also set to close below its 200-weekly exponential moving average (EMA). The 200-weekly EMA indicator has closely tracked Ethereum’s bottom range. Since 2020, ETH/USD has closed under the 200-weekly EMA level for only 39 weeks out of a possible 268, only 14.55% of the time. Related: Why is the crypto market down today? Thus, based on historical trends, Ethereum might reclaim a position above the EMA level within a few weeks. However, a double-top pattern threatens the bulls. The 7-day chart also shows a double-top pattern taking shape over the past year. A close under $2,100 will validate the neckline, and any correction under $2,000 increases the chance of another 28% to the next support at $1,500. Ethereum 1-weekly chart. Source: Cointelegraph/TradingView Jason Pizzino, a crypto investor, also mentions that Ethereum could be “in more trouble” if it closes under $2,000-$2,1000. Thus, ETH must remain above $2,000 to invalidate this double-top pattern on the charts. Ethereum cost-basis distribution price at $1.9K Although Ether must stay above $2,000 to prevent further decline, Glassnode data indicates that the cost-basis distribution price is…
Filed under: News - @ March 1, 2025 1:20 am