Ethereum’s Rollercoaster: Will It Plunge to $1,890 or Soar Like a Phoenix? 🚀

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Ah, Ethereum! The cryptocurrency that’s like that friend who promises to show up for dinner but then ghost you at the last minute. In the past week, it has taken a nosedive of 17.08%, plummeting to a staggering low of $2,104. It’s almost as if the crypto market collectively decided to take a long, hard look at its life choices and concluded that a little self-sabotage was in order. While Ethereum has managed to scrape together some minor gains in the last 12 hours, the overall vibe is as cheerful as a rainy Monday morning. ☔️

ETH Correction Likely Headed To $1,890 – Here’s Why

Now, let’s talk about this correction. It’s like watching a slow-motion train wreck, but with more spreadsheets. Analysts, those ever-optimistic folks, are now pointing their crystal balls at a potential key support level of $1,890. According to the wizards at Glassnode, this number is not just a random guess; it’s based on something called the Cost Basis Distribution (CBD) metric. Sounds fancy, doesn’t it? It’s basically a way to figure out where people bought their Ethereum and how much they’re sweating right now.

To put it simply, the CBD metric is like a treasure map for investors, showing where the gold (or in this case, Ethereum) was buried. Apparently, in August 2023, a whopping 1.82 million ETH was scooped up at this price. So, if you’re looking for a bargain, $1,890 might just be the magical number where investors start throwing their wallets at the screen. 💸

But wait, there’s more! A two-year analysis of Ethereum’s CBD reveals that some of these August 2023 buyers are still lurking around, like that one friend who never leaves the party. They’ve even increased their cost basis during the crypto market’s wild ride in November 2024, showing no signs of selling at the highs. Talk about confidence! Or maybe they just really like rollercoasters. 🎢

Now, before you start planning your Ethereum-themed party at $1,890, let’s not forget that this isn’t the immediate support zone. Glassnode also points out that $2,100 is the next stop on this rollercoaster ride if Ethereum decides to keep correcting. This level only holds about 500,000 ETH, which is like a kiddie pool compared to the Olympic-sized swimming pool of accumulation at $1,890. So, expect a little splash at $2,100 before we dive deeper into the abyss. 🏊‍♂️

Is ETH Accumulation On Amid Price Dip?

In a further twist of the plot, Glassnode has revealed that over the last six months, investors have been quite active, with their cost basis levels hovering around $3,500. It’s like they’re playing a game of “how low can you go?” while the rest of us are just trying to keep our heads above water. Instead of selling off, these savvy investors are gobbling up market supply like it’s the last slice of pizza at a party. 🍕

As of now, Ethereum is trading at $2,250, having gained a modest 3.84% in the past day. However, with a monthly loss of around 30.48%, it’s clear that this rollercoaster has had its ups and downs. But hey, market activity has increased by 7.74%, and Ethereum is now valued at a staggering $29.91 billion. So, who knows? Maybe it’ll bounce back like a rubber ball. Or maybe it’ll just keep rolling downhill. Only time will tell! ⏳

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2025-03-01 15:43