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HomeCrypto NewsMarketHere Are Key Ethereum Support Levels to Note If ETH Loses $1,800

Here Are Key Ethereum Support Levels to Note If ETH Loses $1,800


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Market watcher Ali Martinez shares his expectations for Ethereum (ETH) amid its sustained downtrend since hitting the $2,140 price level in April. 

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Ethereum’s (ETH) multi-week downturn has become a concern for investors. Amid the market-wide bearish trend, the second-largest crypto asset by market cap has continued to break key support levels over the past weeks. Accordingly, several addresses holding ETH have entered into losses.

Key Support Levels

Ali Martinez called attention to these developments, citing data from IntoTheBlock. ETH has continued to drop, changing hands at $1,823 as of press time. Martinez shared his expectations for ETH should the token downtrend be prolonged. 

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According to the prominent market watcher, ETH could head toward the $1,600 price territory if $1,800 fails to hold firm. 

The analyst called $1,600 the “next significant support level” for ETH, citing historical accumulation activities. The IntoTheBlock data shared by Martinez reveals that 2.48 million addresses bought a cumulative 3.8 million ETH around the $1,600 level. 

It remains to be seen whether ETH will plummet below $1,800 to the $1,600 level, as speculated by the analyst. However, ETH’s daily transaction volume has been low compared to XRP’s daily trade volume in the past weeks.

77% of Ethereum Wallets Face Losses

The recent data shows that 46.77 million ETH held by investors are below their buy prices. This amount translates to 77.56% ETH addresses in loss.

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IntoTheBlock also revealed that 13.24 million ETH is in the money. This figure indicates that only 21.95% of wallets holding ETH are in profit, considering the asset’s price at the time of disclosure. 

This figure is way below the number of Ethereum holders that registered profits as of July. As reported by The Crypto Basic, 69.3% of wallet addresses holding ETH saw gains last month.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom is a crypto journalist and content writer who has been talking about crypto and blockchain technology since 2018. With a knack for translating complex concepts into engaging narratives, he takes pleasure in educating and informing industry players about developments in space. Armed with industry expertise and a commitment to delivering accurate and thought-provoking content, he has produced thousands of articles including news and educational content for various projects and blogs, showcasing his versatility and dedication to his craft. He holds a Bachelor's degree in Petroleum Engineering.

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