Ethereum (ETH) has lost more than 30 %in the last 30 days. This harsh decline has drew the ETH/BTC ratio to the lowest level of 4 years. While the market pressure continues, ETH can go below $ 2,000?
ETH/BTC ratio hit the bottom
Ethereum was traded during a narrow price range during February. However, on February 25, he lost his critical level of support and entered a decline trend. ETH, which is currently traded for $ 2,089, has returned to December 2023.
This decrease affected ETH/BTC ratio. The ratio has declined to 0.02 at the moment and has decreased to the lowest level since January 2021. This shows that ETH has suffered a major depreciation against Bitcoin.
Ethereum supply increase increases price pressure
In the price decrease of ETH, the increase in circulatory supply as well as general market trends was effective. 66,748 ETH was released in the last month. This means an additional supply of about $ 140 million.
The increase in ETH supply increases the price pressure in periods of low demand. In the current case, the excess ETH on the market leads to a price drop due to lack of buyers. If this trend persists, it is possible for ETH to decline further.
Does Ethereum fall below $ 2,000?
As we have examined as Kriptokoin.com, technical indicators show that Ethereum is still under strong sales pressure. ETH proved that the sellers seized control under the long -term decline channel. In this scenario, the price may drop below $ 2,000 and may decline to $ 1,922. However, if buyers return to the market, ETH can be recovered. In this case, the price is likely to rise up to $ 2,223.
Critical days are approaching for Ethereum investors. If sales pressure continues, it may be inevitable that ETH will experience a deeper decline. However, the developments in the ETH ecosystem and the increase in the demand for stinging can help to recover the price. If the interest of corporate investors revives again, it may be possible for ETH to find strong support. However, if the uncertainty continues throughout the market, the decline trend may deepen and new bottom levels for ETH may come up. Market movements should be closely monitored in the coming days!
