Ethereum, the leading altcoin of the cryptocurrency market, has reached a critical crossroads after a week full of sharp price movements. Investors are eagerly waiting to see whether the asset will hold onto the $1,800 support or start a recovery towards $2,200. Current data shows that fear prevails in the market, but the selling pressure is gradually losing its strength.
Struggle to Survive in the Ethereum Market
The data shared by analysts known as “Wise Advice” in the crypto world reveals that Ethereum has reached the region where the most intense panic sales have occurred historically. While the ETH price is currently trading at $ 1,950, it is noteworthy that it is below the 0.80 MVRV band. When past cycles are examined, it seems that this level is usually an area where “forced selling” ends and the price bottoms. However, in order to talk about a real recovery, it seems necessary to exceed the 1.0 MVRV level of $ 2,450.
Although technically the ETH/BTC parity is on a weak course, it is trying to hold on to the long-term demand zone around 0.029–0.030 BTC. The decline in Ethereum reserves in exchanges to the lowest levels seen since 2016 indicates that the supply is shrinking. This situation strengthens the expectation that the price may gain upward momentum if a new wave of demand occurs in the market. The network, which holds more than 61% of the tokenization market, does not compromise its fundamental strength by continuing to protect the flow of capital in the ecosystem.
Technical Indicators and Critical Levels
Daily charts show that Ethereum has taken serious damage, but buyers have taken refuge in the ascending trend line in the $1,800–1,850 band. The price, which was previously rejected many times in the range of $ 3,200-3,400, fell to the lower supports with a sharp break. The fact that the RSI indicator is currently in the 30s, that is, in the oversold region, gives an important signal that the selling pressure is exhausted. Although the MACD indicator remains in the negative zone, the weakening of momentum suggests that a short-term relief rally may be on the way.
Maintaining the $1,820 support in the coming days may move the price to the $2,150–2,300 band in the first place. However, experts warn that this rise may remain a “reaction rise” rather than changing the main trend. If the critical $1,800 support line breaks down, the next stop will be the old buy zones near $1,600. Unless the $2,800 level is regained in volume for investors, each rise carries the risk of being considered a new opportunity for sellers.
