Breaking: Ethereum dips below $2,000 as bears target $1,700
|Ethereum has dipped below $2,000 after failing to climb above the $2,300 supply wall. On-chain data shows that ETH sits on a weak level of support that if breached could lead to significant losses.
IntoTheBlock's In/Out of the Money Around Price (IOMAP) model reveals that the most considerable demand wall underneath Ethereum lies between $1,934 and $1,991 where 442,520 addresses had previously purchased 1.17 million ETH. A sustained close below this support level could encourage these addresses to exit their positions, increasing the selling pressure behind the second-largest cryptocurrency by market cap. Under such unique circumstances, Ethereum would likely revisit May 12's swing low at $1,700.
Ethereum Transaction History
The IOMAP also shows that Ethereum faces stiff resistance at around $2,300 where 370,580 addresses hold more than 8 million ETH. Bulls would have to claim this hurdle as support to have a chance of pushing Ether toward $3,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.