Ethereum (ETH) dropped below the $1, 900 threshold in the Asian session on Tuesday, continuing its 30-day depreciation to about 38 %.
The fall has taken place in a broader risk, off-market environment, where U.S. tariffs and deteriorating investor sentiment have been hurting digital assets. On-chain metrics, technical charts, and market flow data are all suggesting that downside pressure remains; the current bearish phase may not end yet.
Realised Price
A spot price of about $1, 830 for ETH is now below its realised price, which is an on-chain metric that accounts for the last transaction price of each token. The average cost basis of the holders is approximately $2, 380, so a significant part of the investors is currently holding losing positions.
In the past, a realised price going higher than the market price has served as a resistance level and has often led to panic selling. Similar situations in June 2022 and August 2018 were followed by very sharp further declines by 45% and 77%, respectively; thus, the present scenario could end up in a further drop before the market finds a bottom.
Also Read: Ethereum (ETH) Under Fire as Buterin Dumps Massive $7.3M in 72 Hours
Technical Structure
ETH, from a charting point of view, has not yet witnessed its 50-week exponential moving average (EMA) cross below the 100-week EMA, which is a pattern that has previously indicated the end of bear cycles. The 50-week EMA is presently at $3,017, slightly above the 100-week EMA at $2,920.
Also Read: Ethereum’s (ETH) Brutal 37% Crash, 10% Rebound Ahead
Market Flow
The Ethereum Coinbase Premium Index, which gauges the price difference between ETH on Coinbase and Binance, dipped to 0.11 on February 6 but then went back up to 0.09.
Institutional demand has also weakened: U.S. spot Ethereum ETFs have had outflows for five consecutive weeks, with about $1.3 billion being withdrawn during that time frame, and last week alone $123 million was taken out.
Also Read: Ethereum’s Historic 5,600% Surge vs. Today’s Compressed Gains: What Changed