Ethereum’s Weekly Close Nears 2-Year Lows
Ethereum’s native token, Ether (ETH), has posted a new yearly low at $2,070, which is also the lowest since Jan. 1, 2024. The second-biggest cryptocurrency dropped 7.40% on Feb. 28, leading to over $200 million in liquidations over the past 24 hours.
Ethereum 1-Day Chart
Ethereum’s Weekly Close Nears 2-Year Lows
Ether price is down 24.50% in the past seven days, its worst weekly turnover since 2022. A weekly close below $2,300 will mark its lowest since November 2023, a two-year low.
Ethereum Weekly Chart
As illustrated in the chart, the top altcoin is also set to close below its 200-weekly exponential moving average (EMA). The 200-weekly EMA indicator has closely tracked Ethereum’s bottom range. Since 2020, ETH/USD has closed under the 200-weekly EMA level for only 39 weeks out of a possible 268, only 14.55% of the time.
Why is the crypto market down today?
Thus, based on historical trends, Ethereum might reclaim a position above the EMA level within a few weeks.
Double-Top Pattern Threatens the Bulls
A double-top pattern is taking shape over the past year. A close under $2,100 will validate the neckline, and any correction under $2,000 increases the chance of another 28% to the next support at $1,500.
Ethereum 1-Weekly Chart
Jason Pizzino, a crypto investor, also mentions that Ethereum could be “in more trouble” if it closes under $2,000-$2,100. Thus, ETH must remain above $2,000 to invalidate this double-top pattern on the charts.
Ethereum Cost-Basis Distribution Price at $1.9K
Although Ether must stay above $2,000 to prevent further decline, Glassnode data indicates that the cost-basis distribution price is lower at $1,890.
Ethereum Cost-Basis Distribution Price
The cost basis distribution (CBD) price of an asset isn’t a single fixed number but a range of prices reflecting when the ETH last moved onchain. A $1,890 CBD price indicates that Ether could retest this value if price weakness persists.
Conclusion
Ethereum’s current price trend is a concern, with a weekly close near 2-year lows. However, based on historical trends, Ethereum might reclaim a position above the EMA level within a few weeks. The double-top pattern threatens the bulls, and a close under $2,100 will validate the neckline. To avoid further decline, ETH must remain above $2,000.
FAQs
Q: What is the current price of Ethereum?
A: The current price of Ethereum is $2,070.
Q: What is the weekly close for Ethereum?
A: The weekly close for Ethereum is near 2-year lows.
Q: What is the cost-basis distribution price of Ethereum?
A: The cost-basis distribution price of Ethereum is $1,890.
Q: Will Ethereum reclaim its position above the EMA level?
A: Based on historical trends, Ethereum might reclaim a position above the EMA level within a few weeks.
