Ethereum MVRV Ratio Approaches Key 160-Day MA Crossover
Ethereum Faces Increased Selling Pressure
- Ethereum has dropped below the critical $2,000 level, leading to weakened investor sentiment.
- Concerns arise over a potential deeper correction in the broader crypto market.
- Glassnode’s MVRV metric indicates an approaching accumulation signal, often preceding price rebounds.
- ETH is currently 55% below its local high of $4,100, impacting investor confidence.
- Macroeconomic factors, including rising interest rates, contribute to a challenging environment for risk assets.
Bulls Must Defend $1,800 Support
- Ethereum is trading at $1,830 after a 14% drop, with a critical support level at $1,800.
- If this support fails, the next significant level is around $1,500, risking further bearish sentiment.
- A successful defense of $1,800 could lead to a rebound and a potential recovery above $2,000.
- The upcoming days are crucial for determining Ethereum's short-term outlook amidst ongoing macroeconomic uncertainty.
