- ETH trades at $1,908.33, struggling below $2,000, with resistance at $2,076 and key support at $1,716. A drop below may hit $1,600.
- Ethereum’s active addresses fell 38.9% since Feb 10, aligning with a 28.9% price drop, signaling weakened network activity.
- ETH’s MVRV Z-Score at 22.43 nears undervaluation; accumulation could trigger a rebound if network activity improves.
Ethereum’s price remains under pressure, struggling to gain momentum despite its smart contract capabilities. As of March 18, ETH trades at $1,908.33, with a market capitalization of $230.21 billion.
The asset has had a slight price increase of 0.42%, but its 24-hour trading volume has dropped by 1.94% to $10.51 billion. The ongoing downtrend has kept ETH below key resistance levels, raising concerns about further downside.
ETH Price Remains Below Key Levels
Ethereum has been having persistent downward pressure, falling from highs above $4,000 to below $2,000. The current price movement suggests continued weakness, with ETH failing to break key resistance levels.
The asset opened at $1,926.30 on March 18, reaching a high of $1,930.25 before dropping to a low of $1,893.86. ETH is below the 20-day Simple Moving Average at $2,076.95, indicating a bearish outlook.
The critical support level at $1,716 is a key area to watch. If ETH drops below this level, further losses toward $1,600 could follow. On the other side, a rebound above $2,000 could indicate renewed buying interest.
Bollinger Bands and MVRV Z-Score
Ethereum is trading near the lower Bollinger Band at $1,716, suggesting an oversold condition. The middle band at $2,076 serves as the first resistance level. A sustained break above this level could push ETH toward $2,200–$2,400.
However, a decline below $1,716 could lead to further selling pressure. The Market Value to Realized Value (MVRV) Z-Score is at 22.43, with the overvaluation level at 59.69 and undervaluation at 1.93.
The score is approaching undervaluation levels, historically linked to strong accumulation periods. If it continues declining, ETH may enter a buying zone, potentially leading to a price recovery.
Ethereum’s Declining Network Activity
Ethereum’s on-chain activity has weakened, with a sharp decline in active addresses. Analyst Ali stated,
Ethereum $ETH network shifts! Active addresses hit 361,078. Activity is easing up this time.
This is a substantial drop from 590,541 active addresses recorded on February 10, when ETH was priced at $2,659.41. By March 16, active addresses had fallen to 361,078, coinciding with a price decline to $1,887.50.
The 38.9% drop in active addresses aligns with a 28.9% price decrease, showing a strong correlation between network activity and price movements. Historically, higher engagement levels have coincided with ETH trading above $2,600. The decline in network activity suggests weakened activity, potentially impacting price trends.
Ethereum Price Outlook for March 19
If Ethereum maintains support above $1,900, a rebound toward $2,000–$2,076 could be possible. However, a breakdown below $1,900 may lead to further declines toward $1,850–$1,716. A significant drop below $1,716 could push ETH toward $1,600. If buying momentum increases, ETH may target $2,150 in the short term.
