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Ethereum Tests Critical MVRV Levels – Failure to Hold $2,060 Could Send ETH To $1,440

Ethereum Tests Critical MVRV Levels – Failure to Hold $2,060 Could Send ETH To $1,440

Sebastian Villafuerte
by Sebastian Villafuerte
6 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH) has officially lost the $2,000 mark, trading below this key level for the first time since 2023 and reaching its lowest point since October 2023. The price plummeted as low as $1,750, marking a dramatic drop from its December 2024 high of $4,100. This staggering 57% decline has created a difficult environment for bulls, as Ethereum struggles to find stability amid growing selling pressure.

Related Reading: Bitcoin Supply in Profit Drops To 76% – Over 4.5M BTC Now In Unrealized Loss

The broader crypto market downturn, driven by macroeconomic uncertainty and risk-off sentiment, has left ETH in a vulnerable position, with traders unsure whether a bottom has formed or if further downside is ahead. The sharp decline in Ethereum’s value has intensified bearish sentiment, making it one of the worst-performing major altcoins over the past few months.

According to Glassnode data, Ethereum is testing key levels below $2,000 and above $1,800 based on the MVRV Pricing Bands. Historically, this range has acted as a major support zone, and its ability to hold will be critical in determining Ethereum’s short-term price direction. If ETH fails to stabilize, the market could be in for another wave of selling, potentially pushing prices even lower.

Ethereum Tests Critical Support As Market Struggles

The entire crypto market has suffered a major breakdown, mirroring the decline in U.S. stock markets as trade war fears and uncertainty surrounding U.S. President Trump’s policies weigh heavily on investor sentiment. Macroeconomic instability and volatility have been the primary market drivers since the U.S. elections in November 2024, and current conditions suggest that this trend is far from over.

Related Reading: $1.8B In Ethereum Withdrawn From Exchanges In Largest Weekly Outflow Since 2022 – Details

Rising global trade war concerns and erratic decision-making by the U.S. administration have further fueled fear and uncertainty, sending the U.S. stock market to its lowest levels since September 2024. This risk-off environment has translated into increased selling pressure across the crypto market, with Ethereum (ETH) struggling to hold critical support levels.

Top analyst Ali Martinez shared insights on X, highlighting that Ethereum is now testing key levels based on the MVRV Pricing Bands. According to on-chain data, ETH’s Realized Price currently sits at $2,060, a level that has acted as crucial support in previous cycles. If Ethereum fails to hold above this mark, the next major downside target is around $1,440, which would represent a substantial drop from current levels.

Ethereum MVRV Extreme Deviation Pricing Bands | Source: Ali Martinez on X
Ethereum MVRV Extreme Deviation Pricing Bands | Source: Ali Martinez on X

With market conditions still fragile, the next few trading sessions will be crucial in determining Ethereum’s short-term trajectory. If ETH can hold above $2,060, it may have a chance to stabilize and attempt a recovery. However, if selling pressure intensifies, the market could see Ethereum test significantly lower price levels, adding to the growing uncertainty among investors.

ETH Struggles Below $2,000

Ethereum is currently trading at $1,900, following days of heavy selling pressure that have led to significant losses. ETH has failed to hold key levels, with the price dropping as low as $1,750 just a few hours ago, marking one of its lowest points in months. With the market under continued bearish control, bulls are now racing to reclaim the $2,000 mark in an effort to stabilize price action and shift momentum toward a potential recovery phase.

ETH trading below the weekly 200 MA & EMA | Source: ETHUSDT chart on TradingView
ETH trading below the weekly 200 MA & EMA | Source: ETHUSDT chart on TradingView

For Ethereum to regain strength, it must hold above current levels and push past $2,000 quickly. A break above this key resistance zone would indicate renewed buying interest, reducing selling pressure and allowing ETH to attempt a more sustained recovery. However, if ETH fails to reclaim $2,000, the market is likely to see a continuation of the downtrend, with further declines expected.

Related Reading: Bitcoin Fear & Greed Index Drops To ‘An Acceptable Level’ – Analyst

With Ethereum in a fragile position, the next few days will be crucial in determining whether bulls can step in to reverse the trend or if ETH will slide into deeper correction territory. Traders are closely watching price movements, as Ethereum remains at risk of further downside if key levels are not regained.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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