Ethereum has fallen roughly 9% over the past two weeks and is now testing the $2,000 support zone. The selloff has brought the second-largest cryptocurrency back into a range it’s been stuck in for years, and one analyst says the next few days could decide whether the pain deepens.
The $1,850 line in the sand
Analyst Ali Martinez is watching the weekly close at $1,850 closely. That level aligns with the 0.8 MVRV pricing band, which has historically acted as a macro accumulation zone. A weekly close below that threshold, Martinez argues, could send ETH toward $1,560 or even $1,070. That’s a long way down from current levels, and it would put Ethereum below prices not seen since early 2021.
What needs to happen for a turnaround
Martinez says two things have to happen before Ethereum can turn bullish. First, it needs to reclaim the 200-week simple moving average at $2,500. Then it needs to break above the 50-week SMA at $3,100. Neither looks imminent. ETH has been confined to a multi-year trading range since 2021, and the most recent rejection came at the midpoint near the 200-week SMA at $2,300. That’s the same area that capped price action during the last rally attempt.
No quick fix in sight
The timing isn’t great. The $2,000 level has been tested before, but the market’s inability to hold higher ground keeps the bias bearish. A close below $1,850 this week would be the first weekly break of that zone since the second half of 2023. Whether it holds or not is the biggest near-term question for Ethereum — and for the broader altcoin market that tends to follow its lead.
