Ethereum Falls Below Realized Price for the First Time in Two Years
Will Ethereum Find Support at $1,600?
Ethereum (ETH) has been struggling after dropping below $1,900 on March 10. While Bitcoin (BTC) and XRP (XRP) showed signs of recovery, Ethereum remained weak, reaching a multi-year low of $1,752 on March 11. Market analysis suggests that ETH could decline further, potentially falling another 15% in the coming weeks.
Impact of the Price Drop on ETH Holders
For the first time since February 2023, Ethereum has slipped below its realized price of $2,054. This metric represents the average price at which all circulating ETH was last moved, indicating that most ETH holders are currently at a loss.
The Market Value to Realized Value (MVRV) ratio, which compares Ethereum’s market price to its realized price, has dropped to 0.93. This means that, on average, ETH holders are experiencing a 7% unrealized loss. However, it’s important to note that the realized price accounts for all historical transactions, not just recent trades.
What’s Next for Ethereum?
If Ethereum fails to find strong support, analysts predict that its price could continue declining, with $1,600 being a potential bottom in the near future.
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