Will Ethereum price bottom at $1.6K?
All Ethereum holders across the network currently carry an average unrealized loss of 7% after ETH price fell below $2,000 for the first time since December 2023.
Ethereum’s native token, Ether (ETH), dropped below $2,000 on March 10, and the altcoin has struggled to regain a position above the psychological level.
While Bitcoin (BTC) and XRP (XRP) exhibited minor recoveries over the past 24 hours, Ether prices failed to display bullish momentum in the charts.
The altcoin plummeted to a multi-year low of $1,752 on March 11. However, onchain data and technical analysis indicate that the price could drop an additional 15% in the coming weeks.
