{"id":17704,"date":"2025-03-18T23:15:42","date_gmt":"2025-03-18T23:15:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17704"},"modified":"2025-03-18T23:15:42","modified_gmt":"2025-03-18T23:15:42","slug":"ethereum-onchain-data-suggests-2k-eth-price-is-out-of-reach-for-now","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17704","title":{"rendered":"Ethereum onchain data suggests $2K ETH price is out of reach for now"},"content":{"rendered":"
\n

<\/p>\n<\/p>\n

\"Ethereum<\/p>\n

Ether\u2019s (ETH<\/a>) price has been consolidating within a roughly $130 range over the last seven days as $2,000 remains strong overhead resistance.<\/p>\n

Data from Cointelegraph Markets Pro<\/a> and Bitstamp shows that ETH price oscillates within a tight range between $1,810 and $1,960.<\/p>\n

\"Ethereum
\n

ETH\/USD daily chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Ether price remains pinned below $2,000 for several reasons, including declining Ethereum\u2019s weak network activity and decreasing TVL, negative spot Ethereum ETF flows, and weak technicals.<\/p>\n

Negative spot Ethereum ETF outflows<\/strong><\/h2>\n

The underperformance in Ether\u2019s price can be attributed to investors\u2019 risk-off behavior, which is visible across the spot Ethereum exchange-traded funds<\/a> (ETFs). ETH outflows from these investment products have persisted for more than two weeks.<\/p>\n

US-based spot Ether ETFs have recorded a streak of outflows for the last seven days, totaling $265.4 million, as per data from SoSoValue.<\/p>\n

\"Ethereum
\n

Ether ETF flow chart. Source: <\/em>SoSoValue<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

At the same time, other Ethereum investment products saw outflows totaling $176 million<\/a>. This brings month-to-date outflows out of Ether ETPs to $265 million, in what CoinShares\u2019s head of research, James Butterfill, described as the \u201cworst on record.\u201d <\/p>\n

He noted:<\/p>\n

\u201cThis also marks the 17th straight day of outflows, the longest negative streak since our records began in 2015.\u201d<\/p><\/blockquote>\n

Weak onchain activity hurts ETH price<\/strong><\/h2>\n

To understand the key drivers behind Ether\u2019s weakness, it is essential to analyze Ethereum\u2019s onchain metrics.<\/p>\n

The Ethereum network maintained its leadership based on the 7-day decentralized exchange (DEX) volume. However, the metric has been declining over the last few weeks, dropping by approximately 30% in the last seven days to reach $16.8 billion on March 17.\u00a0<\/p>\n

\"Ethereum
\n

Ethereum: 7-day DEX volumes, USD. Source: DefiLlama<\/em><\/p>\n<\/figcaption><\/figure>\n

Key weaknesses for Ethereum included an 85% drop in activity on Maverick Protocol and a 45% decline in Dodo\u2019s volumes.<\/p>\n

Similarly, Ethereum\u2019s total value locked<\/a> (TVL) decreased 9.3% month-to-date, down 47% from its January high of $77 billion to $46.37 billion on March 11.<\/p>\n

\"Ethereum
\n

Ethereum: total value locked. Source: DefiLlama<\/em><\/p>\n<\/figcaption><\/figure>\n

Lido was among the weakest performers in Ethereum deposits, with TVL dropping 30% over 30 days. Other notable declines included EigenLayer (-30%), Ether.fi (-29%), and Maker (-28%).<\/p>\n

Ether\u2019s bear flag target is at $1,530<\/strong><\/h2>\n

Meanwhile, Ether\u2019s technicals show a potential\u00a0bear flag<\/a>\u00a0on the four-hour chart, which hints at more downside in the coming days or weeks.<\/p>\n

Related: <\/strong><\/em>ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler\u2019s Digest, March 9 \u2013 15<\/strong><\/em><\/a><\/p>\n

A bear flag is a downward continuation pattern characterized by a small, upward-sloping channel formed by parallel lines against the prevailing downtrend. It gets resolved when the price decisively breaks below its lower trendline and falls by as much as the prevailing downtrend\u2019s height.<\/p>\n

ETH bulls are counting on support from the flag\u2019s lower boundary at $1,880. A daily candlestick close below this level would signal a bearish breakout from the chart formation, projecting a decline to $1,530. Such a move would represent a 20% descent from the current price.<\/p>\n

\"Ethereum
\n

ETH\/USD daily chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

The relative strength index<\/a> is positioned in the negative region at 48, suggesting that the market conditions still favor the downside.<\/p>\n

The bulls will attempt a daily candlestick close above the flag\u2019s middle boundary at $1,930 (embraced by the 50 SMA) to defend the support at $1,880. They must push the price above the flag\u2019s upper limit of $1,970 to invalidate the bear flag chart pattern.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n