Ether’s price rally stalled near $2,000, with analysts identifying $1,800 as a critical support level. Technical charts and on-chain data suggest a break below this zone could intensify selling pressure, with downside targets potentially reaching below $1,500.
Ether’s rally stalled late Monday just above $2,000 due to stiff overhead resistance. The technical setup suggested that downward momentum would increase if the ETH/USD pair breaks below $1,800.
Analysts state that the ETH price must hold above $1,800 to avoid another leg down. Ether’s bearish charts and on-chain indicators converge on ETH prices below $1,500.
Ether’s cost-basis distribution heatmap shows strong support recently established around $1,800. This is where about 1.23 million ETH were acquired at an average price of $1,890 over the last 30 days.
CoinGlass data shows short liquidations of over $120 million over the past two days, clearing overhead leverage. Now, $624 million in cumulative long liquidation exposure sits above $1,800, forming a liquidity pocket below the spot price.
CryptoQuant analyst Maartunn spotted 67,000 ETH, worth about $130 million, sitting just below the spot price. This reinforces the significance of the $1,800 support zone.
From a technical point of view, the $1,800-$1,900 support zone coincides with the lower trend line of a symmetrical triangle on the daily chart. If bearish momentum persists, the pair might drop to test the multi-year low of $1,750 reached on Feb. 6.
Below that, ETH could drop toward the measured target of the triangle at $1,400. Meanwhile, Ether’s MVRV extreme deviation pricing bands suggest that ETH price still has room to drop to around $1,650.
During past bear markets, ETH has always bottomed below the lowest MVRV band, as seen in 2018 and 2022. If this happens again, the ETH price bottom may be below $1,650 during the current cycle.
