Ether (ETH) dropped to $1,814 on Wednesday, its lowest in over 14 weeks, raising concerns about whether the ETH/USD pair can stabilize above key liquidity zones near its multi-year lows at $1,800.
ETH/USD 1-hour chart. Source: Cointelegraph/TradingView
Key takeaways:
Ether fell to a 14-week low near $1,800, with traders warning a breakdown could trigger deeper losses toward $1,200-$1,600.The Coinbase Premium Index hit its lowest level since February, signaling persistent weakness in US spot demand.Spot Ethereum ETFs logged sixteen straight days of outflows.
Ether sits on weak support at $1,800
Ether’s technical structure has weakened after losing support at $2,000 and $2,200. Note that all the major moving averages lie within this zone on the daily chart.
Today, ETH traded as low as $1,814 on Bitstamp, while the daily relative strength index (RSI) fell to 25, its lowest level since Feb. 6, highlighting strong downside pressure and oversold conditions.
Related: Bitmine buys $52M ETH as Tom Lee says price not yet showing Ethereum’s strength
However, this might also mean that the sellers are losing momentum, suggesting a possible price rebound from current levels, akin to the 39% rebound seen in February.
ETH/USD daily chart. Source: Cointelegraph/TradingView
Traders say Ether’s bullishness hinges on the ETH/USD pair holding above the crucial $1,800 support.
“$ETH almost tapped the $1,800 level today,” analyst Ted Pillows said in a Wednesday post on X, adding:
“This is the last support zone for Ethereum before new lows.”
An accompanying chart revealed that a break below $1,800 would bring areas below $1,700 into the picture.
ETH/USD daily chart. Source: X/Ted Pillows
Additionally, fellow analyst CrypDoMillions said losing $1,800 would send ETH price lower toward $1,600.
ETH/USD daily chart. Source: X/CrypDoMillions
Not all traders had confidence in Ether’s ability to remain above $1,800, with analyst BitFrog saying that “$ETH is on life support” at current levels, adding:
“Bulls better wake up fast. $1,800 looks shaky, honestly.”
The Entity-Adjusted UTXO Realized Price Distribution (URPD) metric,…
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