Ethereum is facing intense selling pressure, with its price trading below key moving averages and testing crucial support near $1,800. Analysts have mapped deeper historical accumulation zones, including levels at $1,580 and $1,350, should the bearish momentum continue. The cryptocurrency’s technical condition leaves it vulnerable to further losses in the near term.
Ethereum is under significant selling pressure heading into mid-February, with technical indicators pointing toward a critical test of lower support levels. At press time, the coin was trading at $2,053.14.
According to a TradingView chart, ETH is trading below both its 50-day and 200-day moving averages. This indicates bears have controlled the market for an extended period.
The recent break below the psychological $2,000 level created more selling pressure. This has moved the price toward the crucial near-term support at $1,800.
Analyst Ali Charts has identified key historical accumulation zones based on previous dollar-cost average purchases. The mapped areas for potential buying include $1,800, $1,580, $1,350, and as low as $1,080.
The dollar-cost average strategy has a history of volatility but is conducive to ETH’s longer-term bullish weekly trend. Despite recent drops, ETH has previously bounced off support near $1,800.
Ethereum remains one of the largest and most established blockchains. It offers a wide range of services for smart contracts, DeFi applications, and NFTs.
