Ethereum’s native token, Ether (ETH), fell below $2,000 on March 10th, with Altcoin struggling to regain a position beyond the psychological level.
Bitcoin (BTC) and XRP (XRP) have shown minor recovery over the past 24 hours, but ether prices have not been able to show bullish momentum on the charts.
Altcoin plunged to a multi-year low of $1,752 on March 11th. However, Onchain data and technical analysis show that prices could fall 15% in the coming weeks.
Two years later, it fell below the price below Ethereum Dips
Current price deviations below $2,000 had an on-chain impact on Altcoin. ETH has fallen below the $2,054 realisation price for the first time since February 2023, according to data analytics platform GlassNode.
Ethereum has achieved price and MVRV. Source: X.com
ETH realised price calculates the average price for each last moved ETH and represents the average cost base of total circulation supply. The current decline below realised prices indicates widespread unrealized losses for all ETH holders.
The realised value (MVRV) ratio also fell to 0.93, indicating an average loss of 7% for all ETH holders on the network. However, it is important to note that the realized prices reflect the weighted average of all historical transactions. Therefore, it covers the cost base of all ETH owners, rather than a specific time frame like 2023-2025.
Ethereum TVL chart. Source: Defilama
Meanwhile, Ethereum’s locked total value (TVL) fell to a six-month low of $45.6 billion on March 12, down 41% from its $77 billion peak on December 17, 2024.
Additionally, the total fees users paid to use Ethereum have dropped to $4,628 million, the lowest level since July 2020.
Related: starknet settles on Bitcoin and Ethereum to unify the chain
$1.6K-$1.9K ether prices are “attractive”
In a recent X post, GlassNode explained how Ethereum’s cost-based distribution can help identify potential levels of support for ETH. Based on weekly outlook, Ether’s recent drop below $1,880 has resulted in an accumulation of around $1,900 in 600,000-700,000 ETH. The status of the post,
“This suggests that if $ETH is integrated at the current level, $1.9K can be established as support. On top of that, 2.2K$2.2K (465k$eth) is the possibility of the next resistance. The supply gap between $1.9K and $2.2,000 remains thin, making short-term movements towards resistance reasonable.”
Weekly analysis of Ethereum by Ninjas. Source: X.com
At the same time, anonymous analyst Ninja believes the floor price for Ethereum is between $1,600 and $1,900.
Traders added that the above range is “an attractive area for commercial money,” setting a high swing target at $2,500.
Related: Bitcoin Zilla hints at $80k “market rebound” as Binance inflow cools
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
