Ethereum in a Pickle 🥒?

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Ethereum in a Pickle 🥒?

Ethereum in a Pickle 🥒?

Ethereum (ETH) had a bit of a wobble today, dipping to a new yearly low of $2,076. The poor dear seems to be feeling a bit under the weather, with sentiment around it as low as a snake’s belly in a wagon rut, according to our good friend CoinGecko. If ETH takes a tumble below $2,000, well, let’s just say the investors might be reaching for their smelling salts.

Ethereum Sentiment At A 12-Month Low

CoinGecko tells us that Ethereum has shed a rather alarming 28% of its value over the past month, and it’s currently bobbing around the $2,200 mark. Since December 2024, it’s lost a whopping $230 billion in market capitalization – enough to buy a small island, or a rather large yacht, depending on your taste.

Crypto investment manager 0xLouisT took to X (you know, Twitter for the cool kids) and shared a chart that showed Ethereum’s sentiment at its lowest point in a year. A drop below $2,000 could send a shiver down the spines of even the most intrepid investors, putting further pressure on ETH. The old ticker could become as wobbly as a newborn giraffe on roller skates.

Similarly, Bitcoin (BTC) trader and investor Jason Pizzino remarked that ETH might be “in more trouble than expected” if it closes below the $2,000 to $2,100 range. He added:

Remember, February was when most influencers were beating the drum for $ETH and told us to “follow the money” because Trump et al., were buying millions of dollars. That always sounds fishy to me.

A close below $2,000 would complete a bearish double-top pattern on the monthly chart, potentially sending ETH into the low $1,000 range. The last time Ethereum traded in the $1,500 range was back in October 2023 – a time when the world was a simpler place, with fewer worries about crypto prices and more time for leisurely picnics in the park.

Fellow crypto analyst Morin highlighted ETH’s weekly demand level between $1,900 and $2,100, with the weekly supply zone positioned around $2,600. The analyst expects the digital asset to fluctuate within this range “in the near future.” A bit of a seesaw ride, it seems.

Some Positive Signs For ETH

Despite the short-term gloom and doom, a few glimmers of hope remain for ETH. Crypto analyst Ali Martinez pointed out that large holders – those crypto whales with more money than sense – have been buying up more than 110,000 ETH in the last 72 hours. Perhaps they see a bargain, or maybe they just like the sound of their own wallets jingling

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2025-03-01 10:13