Ethereum’s native token, Ether (ETH), has experienced a significant downturn, dropping below the $2,000 mark on March 10, marking the first such occurrence since December 2023. This slump has resulted in an average unrealized loss of 7% for Ethereum holders network-wide. Despite minor recoveries seen in Bitcoin (BTC) and XRP (XRP), Ether has struggled to gain bullish momentum, sliding to a multi-year low of $1,752 on March 11.
Onchain data and technical analysis suggest that ETH might face an additional 15% decline in the coming weeks. Notably, the price has dropped below the realized price of $2,054 for the first time since February 2023, according to Glassnode, a data analytics platform. This shift indicates widespread unrealized losses for ETH holders as the market value to realized value (MVRV) ratio falls to 0.93.
Furthermore, Ethereum’s total value locked (TVL) plunged to a six-month low of $45.6 billion on March 12, a 41% drop from its peak of $77 billion in December 2024. Additionally, the total fees paid by users have declined to $46.28 million, the lowest level since July 2020, signaling weakening engagement with the network.
Analysis indicates that the $1,600-$1,900 price range for Ether is currently considered attractive. An accumulation of 600,000-700,000 ETH around $1,900 suggests potential support at this level, according to a recent Glassnode post. Meanwhile, the next resistance is anticipated at $2,200 with 465,000 Ether potentially influencing the market.
An anonymous analyst, Ninja, has suggested that the price floor for Ethereum remains in this attractive range, also setting a swing target at $2,500. This analysis emphasizes that while these levels may be attractive for transactions, potential investors should conduct thorough research, as all market activities involve inherent risks.
