The Ethereum has fallen below $2,000 after failing to break the supply wall at $2,300. On-chain data shows that ETH is at a weak support level which, if broken, could lead to significant losses.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals that the largest wall of demand under Ethereum is 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 selling pressure behind the second largest cryptocurrency by market cap. In these unique circumstances, Ethereum would likely revisit the May 12 low of $1,700.
Ethereum Transaction History
The IOMAP also shows that Ethereum is facing strong resistance around $2,300, where 370,580 addresses hold more than 8 million ETH. The bulls would have to claim this hurdle as support to stand a chance of pushing Ether back towards $3,000.
Source: Fx Street
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