Ethereum (ETH) Enters Crucial Level Amid Market Decline
Over the past few days, the cryptocurrency market has seen a significant price decline, causing concern among investors. In the midst of this volatility, Ethereum (ETH), the second-largest cryptocurrency by market cap, has reached a key level near $1,800 for the first time since 2023. This level is being closely watched by investors and long-term holders as an ideal buying opportunity.
Key Level for Ethereum (ETH)
Today, on March 13, 2025, a well-known crypto expert took to X (formerly Twitter) to highlight a crucial level for Ethereum. According to the expert, $1,887 is a key level where whales and investors have accumulated 1.63 million ETH tokens. This information has sparked interest among crypto enthusiasts, raising questions about whether this accumulation is a bullish sign or a signal for investors to capitalize on a buying opportunity.
Ethereum (ETH) Technical Analysis and Upcoming Levels
Technical analysis of ETH indicates that the cryptocurrency is currently hovering near a critical support level of $1,800. Failure to hold this level could potentially lead to a significant price decline in the near future.
Based on recent price movements and historical patterns, if Ethereum manages to stay above $1,800, it could potentially surge by 20% to reach $2,200 in the coming days. However, if ETH falls below $1,780 and closes a daily candle at that level, it could experience a drop of over 16% to reach $1,500.
Current Price Momentum
As of the latest update, ETH is trading around $1,840, reflecting a decrease of over 2.5% in the past 24 hours. Additionally, trading volume has dropped by 30% during the same period, indicating reduced participation from traders and investors compared to previous days.
Traders Over-Leveraged Levels
Analysis from on-chain analytics firm Coinglass reveals that traders are holding significant positions at key levels. At $1,795, traders currently hold $285 million worth of long positions, while at $1,920, they hold $650 million worth of short positions.
This data suggests that traders are currently bearish on Ethereum and do not anticipate the price to surpass the $1,920 level in the near future.