Over the past few days, the cryptocurrency market has seen a significant price decrease, with Ethereum (ETH) hitting a crucial level near $1,800 for the first time since 2023. Despite this drop, many investors and long-term holders see this as an opportune time to buy.
Key Level for Ethereum (ETH)
Today, March 13, 2025, a well-known crypto expert posted on X (formerly Twitter) that the key level for Ethereum is $1,887, where 1.63 million ETH tokens have been accumulated by whales and investors. This post has garnered significant attention from the crypto community, sparking discussions on whether this signals a bullish trend for investors or presents a prime buying opportunity.
Ethereum (ETH) Technical Analysis and Upcoming Levels
Technical analysis indicates that ETH is approaching a critical support level of $1,800. Failure to maintain this level could lead to a substantial price decline in the near future.
Based on recent price movements and historical patterns, if Ethereum remains above $1,800, it could potentially surge by 20% to reach $2,200 soon. Conversely, if ETH drops below $1,780 and closes a daily candle, it may plummet by over 16% to $1,500.
Currently, ETH’s Relative Strength Index (RSI) indicates it is approaching oversold territory, suggesting weakness in the asset and potential price declines in the days ahead.
Current Price Momentum
As of now, ETH is trading around $1,840, experiencing a price decrease of over 2.5% in the past 24 hours. However, trading volume has also decreased by 30% during the same period, indicating reduced participation from traders and investors compared to previous days.
Traders Over-Leveraged Levels
With the recent price drop, intraday traders appear to have a bearish sentiment, as highlighted by on-chain analytics firm Coinglass.
Data reveals that traders are over-leveraged at $1,795, holding $285 million in long positions. Additionally, another over-leveraged level is at $1,920, where traders maintain $650 million in short positions.
This data suggests that traders are currently bearish on ETH and anticipate that the price will not surpass the $1,920 level.
