- Ethereum risks deeper losses if selling pressure pushes price below key support zones.
- On-chain data hints at possible accumulation near $1,886, offering temporary support.
- Fear-driven selling by long-term holders could create prime accumulation opportunities.
Ethereum has cracked below a key support level of $2,200, reinforcing the bearish mood and triggering warnings of a potential drop to $1,250.
Ali Martinez, a well-known analyst, highlights that Ethereum’s breakdown from a parallel channel signals a potential decline to $1,250 if downward momentum persists.
Following Ethereum’s fall to $1,840, analysts have identified crucial support zones at $1,640 and $1,250. If the selling pressure doesn’t let up, ETH could plummet further toward that $1,250 target, a level that aligns with historical support and Fibonacci retracement levels.
Is There a Price Floor in Sight?
According to Glassnode, Ethereum’s Cost Basis Distribution (CBD) has increased from 1.6 million to 1.9 million ETH at the $1,886 level. T…
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