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ETH Drops 10% -Here’s Why Investors Are Eyeing $2,060 for a Reversal

Jonathan Carls by Jonathan Carls
March 11, 2025
in Binance Feed, Market
Reading Time: 3 mins read
ETH Drops 10%—Here’s Why Investors Are Eyeing $2,060 for a Reversal
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  • Ethereum risks deeper losses if $2,060 support fails, with $1,440 as the next target.
  • Bearish sentiment grows as ETH faces resistance at $2,339 and tests key price levels.
  • ETH Foundation shifts to DeFi lending to reduce selling pressure on the market.

Ethereum investors face a crucial period as the market sentiment turns bearish, with ETH struggling to maintain key support levels. Analysts have raised concerns over Ethereum’s price trajectory, citing weak bullish signals and mounting selling pressure. 

The recent downturn has sparked speculation regarding the potential for further declines, with key technical indicators suggesting critical levels that could dictate Ethereum’s next move.

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Ethereum Faces Key Support Levels Amidst Market Uncertainty

EGRAG CRYPTO, a market analyst, noted that Ethereum failed to maintain bullish momentum after reaching $3,850, triggering a decline in confidence. The failure to sustain higher levels has led analysts to reassess the cryptocurrency’s price action. 

According to Ali Martinez, Ethereum is currently testing crucial support levels around $2,060. If this level fails, the next significant support sits at $1,440, a historically strong accumulation zone.

The MVRV Extreme Deviation Pricing Bands indicate Ethereum is at a critical juncture. The Realized Price at $2,066 is being tested, and ETH’s inability to hold above this threshold could accelerate selling pressure. 

Additionally, resistance lies at $2,339, while the Mean Price stands at $3,242. With Ethereum currently trading around $1,916 after a sharp 10.31% drop in the last 24 hours, investors remain cautious amid uncertain market conditions.

Market Sentiment Worsens as Concerns Over Ethereum’s Stability Grow

Recent reports of empty blocks on the Ethereum testnet have contributed to negative market sentiment. While developers maintain that the issue does not pose an immediate risk to the network’s upgrade timeline, traders remain wary of potential disruptions. This skepticism has been further fueled by Ethereum’s declining price action, reinforcing concerns over bearish momentum.

Ethereum also faces indirect competition from emerging blockchain networks such as Berachain, which is gaining traction in decentralized finance (DeFi). This competition has left some ETH investors questioning its long-term dominance. 

Furthermore, market fear has intensified amid speculation regarding a substantial 30,000 ETH deposit into the lending protocol Sky. While some initially suspected the Ethereum Foundation was behind the transfer, analysts have clarified that the funds more likely originated from an early Ethereum investor.

DeFi Strategies Emerge as the Ethereum Foundation Adjusts 

To mitigate selling pressure, the Ethereum Foundation has shifted its strategy by leveraging DeFi protocols to borrow stablecoins instead of directly selling ETH. In February, the foundation deployed 45,000 ETH, worth $120 million, across Aave, Spark, and Compound. This move was welcomed by the community, with DeFi proponents viewing it as a sustainable approach to fund operations without triggering market instability.

Ethereum’s outlook remains uncertain as key support levels are tested. If the $2,060 threshold fails to hold, a deeper correction toward $1,440 could follow. The coming weeks will be crucial for determining whether ETH can regain bullish momentum or face continued downward pressure.

Tags: Ethereum (ETH) NewsPrice Analysis

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