Right, so Ethereum’s darling token, Ether (ETH), decided to take a nosedive below $2,000 on March 10, and it’s been sulking ever since. 🎢 Honestly, it’s like watching a teenager refuse to get out of bed on a Monday morning.
Meanwhile, Bitcoin (BTC) and XRP (XRP) are over there doing their little recovery dance, but ETH? Nah, it’s just lying on the floor, staring at the ceiling, wondering where it all went wrong. 📉
On March 11, ETH hit a multi-year low of $1,752, which is basically the crypto equivalent of tripping over your own shoelaces in public. And guess what? Onchain data and technical analysis are like, “Buckle up, buttercup, because it might drop another 15% soon.” 🚨
Ethereum’s Realized Price: A Drama in Two Acts
So, ETH dropped below its realized price of $2,054 for the first time since February 2023. According to Glassnode (the crypto world’s version of a nosy neighbor), this is a big deal. 🕵️♀️
ETH’s realized price is basically the average price of each ETH last moved, which means everyone holding ETH is now sitting on a pile of unrealized losses. 🥲 The MVRV ratio also dropped to 0.93, which translates to a 7% average loss for all ETH holders. Fun times, right? 🎉
Oh, and Ethereum’s total value locked (TVL) hit a six-month low of $45.6 billion on March 12, down 41% from its peak of $77 billion in December 2024. Plus, the total fees users paid to use Ethereum fell to $46.28 million—the lowest since July 2020. It’s like the network is throwing a pity party, and no one’s showing up. 🎈
Is $1.6K-$1.9K the New “Hot” Zone?
Glassnode recently took to X (formerly Twitter, obviously) to explain how Ethereum’s cost-basis distribution could help identify potential support levels. According to them, ETH’s recent drop below $1,880 led to an accumulation of 600,000-700,000 ETH around $1,900. 🧐
“This suggests $1.9K could establish itself as a support if $ETH consolidates at current levels. Above spot, $2.2K (465K $ETH) is the potential next resistance. The supply gap between $1.9K and $2.2K remains thin, making a short-term move towards resistance plausible.”
Meanwhile, an anonymous analyst named Ninja (because of course they’re anonymous) thinks the floor price for Ethereum is between $1,600 and $1,900. They even called it an “attractive region for commercial money” and set a high swing target at $2,500. 🎯 Because, you know, optimism is free. 🌈
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2025-03-12 19:32