Ethereum’s native token, Ether (ETH), dropped below $2,000 on March 10, and the altcoin has struggled to regain a position above the psychological level.
While Bitcoin (BTC) and XRP (XRP) exhibited minor recoveries over the past 24 hours, Ether prices failed to display bullish momentum in the charts.
The altcoin plummeted to a multi-year low of $1,752 on March 11. However, onchain data and technical analysis indicate that the price could drop an additional 15% in the coming weeks.
Ethereum dips below realized price after 2 years
The current price deviation below $2,000 carried onchain implications for the altcoin. According to Glassnode, a data analytics platform, ETH dropped below its realized price of $2,054 for the first time since February 2023.
Ethereum realized price and MVRV. Source: X.com
ETH realized price