Ethereum Approaches Critical $2,000 Support
Ethereum ($ETH ) has seen a sharp 27% drop over the past five days, currently trading around $2,211, just 9% above the key psychological support of $2,000. On-chain metrics suggest weakening accumulation, with net inflows to exchanges steadily declining, signaling reduced buying interest.
Key Levels and Risks:
Current support: $2,205
Potential downside if support breaks: $1,796
Market behavior: Net position data shows the previous buying momentum has significantly faded.
Macro Perspective – Opportunity Zone:
MVRV ratio: -12% to -24% (historically a selling fatigue zone)
Historically, prices tend to reverse after reaching this range as investors curb further selling to avoid realizing losses.
Outlook:
Bearish scenario: If demand fails to pick up, $ETH could test $1,796.
Bullish/rebound scenario: Renewed buying from value-focused investors could stabilize prices near $2,200–$2,205.
$ETH traders should watch $2,205–$2,000 closely, as a decisive break could trigger a deeper correction, while sustained support may attract accumulation from long-term holders.
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