Ah, the noble Ether (ETH), once a beacon of hope in the cryptocurrency cosmos, now finds itself languishing at a disheartening yearly low of $2,070. This unfortunate figure, the lowest since the dawn of 2024, is a testament to the capricious nature of fortune. On this fateful day, February 28, the second-largest cryptocurrency has plummeted by a staggering 7.40%, leading to a veritable bloodbath of over $200 million in liquidations. Such is the fate of those who dare to dream! 💔
As the price of ETH flirts with these two-year lows, the astute 0xLouisT, a crypto investment manager of some repute, laments that Ether’s social sentiment has reached a nadir not seen in the past year. Truly, a sad state of affairs! 😩
Ethereum’s weekly close nears 2-year lows
In a week that can only be described as catastrophic, Ether has suffered a 24.50% decline, marking its worst weekly performance since the halcyon days of 2022. Should it close below $2,300, we shall witness a new low not seen since November 2023—a veritable nadir indeed!
As the chart so eloquently illustrates, our dear altcoin is poised to close beneath its 200-weekly exponential moving average (EMA). This EMA, a steadfast companion, has closely shadowed Ethereum’s bottom range, like a loyal dog following its master into the depths of despair.
Since the year 2020, ETH/USD has only closed under this 200-weekly EMA for a mere 39 weeks out of 268—an impressive 14.55% of the time. One might hope, based on these historical trends, that Ethereum could soon reclaim its rightful place above the EMA, but alas, hope is a fickle mistress.
Yet, lurking in the shadows is a double-top pattern, a specter that threatens the bulls. The 7-day chart reveals this ominous formation, and should we close under $2,100, the neckline shall be validated. A correction beneath $2,000 could usher in a further decline of 28% to the next support at $1,500. Oh, the drama! 🎭
Jason Pizzino, a crypto investor of some renown, warns that Ethereum may find itself “in more trouble” should it close beneath the $2,000-$2,100 threshold. Thus, dear Ether must cling to the $2,000 mark like a drowning sailor to a piece of driftwood, lest it succumb to the depths below.
Ethereum cost-basis distribution price at $1.9K
While Ether must remain above $2,000 to stave off further decline, the wise sages at Glassnode reveal that the cost-basis distribution price is a mere $1,890. A cruel twist of fate, indeed!
The cost basis distribution (CBD) price is not a singular, immutable figure, but rather a range reflecting the last movements of ETH on the blockchain. A CBD price of $1,890 suggests that Ether may revisit this value should the price weakness persist. How delightful! 😏
Morin, a trader of some note, emphasizes that a demand zone for ETH lies between $2,100 and $1,900. He anticipates that the altcoin’s drawdown will be contained within this range, provided the bearish pressure relents. A glimmer of hope amidst the chaos!
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2025-02-28 17:10