The value of the Ethereum token has gone below the 1750$ support level and is currently heading for 1600$. Analysts are worried as this means there could be major losses for investors. Get to know the full details below.
The Ethereum Value Drop Saga
The token has been undergoing immense selling pressure and the token is currently going for as low as less than 1800$. The next support level for Ethereum is now at 1600$. It is said that 2.48 million addresses have invested 3.8 million ETH at this point.
If #Ethereum falls below the $1,800 mark, the next significant support level is positioned at approximately $1,600. At this level, 2.48 million addresses acquired a total of 3.8 million $ETH. pic.twitter.com/9TP6xi3R5x
— Ali (@ali_charts) August 16, 2023
Many investors have been expecting bullish conditions for the Ethereum token. According to analysts, the Ethereum token has been struggling to surpass the 1850$ support level and has gone lower than before. The unfavourable conditions have caused the token to succumb to a lot of selling pressure. There was a point where the token managed to rise up to the 1795$ level.
Where Does The Value Of Ethereum Stand At This Moment?
The token is still below the 1800$ level. According to the charts, the token was barely surviving at the 1820$ level when it was trying to go higher than 1850$.
The value stands at 1798.08$ with a market capitalization of 216.01 Billion.