Ethereum's Ether (ETH) Drops Below $2,000, Onchain Data Suggests Further Decline

Ethereum's native token, Ether (ETH), fell below the $2,000 mark on March 10 and has been struggling to climb back above that level. While Bitcoin (BTC) and XRP (XRP) saw slight recoveries in the past 24 hours, Ether prices have not shown any bullish momentum. The altcoin hit a multi-year low of $1,752 on March 11, with onchain data and technical analysis suggesting a potential further 15% drop in the weeks ahead. Ethereum's price dropping below $2,000 has implications for the altcoin, as it fell below its realized price of $2,054 for the first time since February 2023, indicating widespread unrealized losses for ETH holders. The market value to realized value (MVRV) ratio also dropped to 0.93, showing an average 7% loss for all ETH holders. Ethereum's total value locked (TVL) hit a six-month low of $45.6 billion on March 12, down 41% from its peak in December 2024, while total fees paid on the network fell to $46.28 million, the lowest since July 2020, signaling weakening network engagement. Glassnode highlighted how Ethereum's cost-basis distribution could help identify potential support levels, with a recent drop below $1,880 leading to an accumulation of 600,000-700,000 ETH around $1,900. Ninja, an anonymous analyst, believes the floor price for Ethereum is between $1,600 and $1,900, calling it an "attractive region for commercial money" and setting a high swing target at $2,500. This article does not provide investment advice, and readers are encouraged to conduct their own research before making any decisions.