On March 28, several clusters of approximately 250,000 ETH with cost bases between $2,000 and $2,050 effectively vanished, indicating that some higher-cost holders are attempting to average down their positions. However, Glassnode asserts that the overall Ethereum accumulation zone appears limited at current price levels, raising questions about future stabilization for the second largest cryptocurrency.
Related Reading: Bitcoin Price Struggles: Crypto Analyst Bucks Back Against Bearish Sentiment, Top Is Not In Martinez’s analysis, based on the one-day chart seen below, indicates that if Ethereum fails to reclaim these levels, it may lead to a further decline. The next target points to watch would be $1,600 and $1,155, levels that could indicate a new downtrend.
Ethereum Faces Potential Decline To $1,155 In a recent update shared on social media platform X (formerly Twitter), crypto analyst Ali Martinez highlighted two pivotal price points for Ethereum’s immediate future. The first, set at $2,100, is seen as a necessary threshold for initiating a new upward trend.
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