Ether's price fell to $1,975, down 5% in 24 hours, as analysts point to risks of deeper corrections.
Ether's price fell to $1,975 on Friday, marking a 5% decline over the last 24 hours and breaching the $2,000 psychological support level, according to data from TradingView.
Traders' Warnings of Deeper Correction
Analyst Onur noted that Ether faces resistance at $2,200, with short-term demand appearing thin despite strong long-term narratives. CryptoWZRD stated that Ether could see a further decline toward the $1,800 support zone after closing below $2,100 on Thursday.
Ted Pillows, another analyst, highlighted Ether's drop below $2,100 as a sign of weakness, suggesting a potential initial fall to $1,800 before any rebound, based on chart analysis.
Ether's apparent demand has turned negative, reaching a 16-month low of around -58,000 ETH on March 16, as reported by Capriole Investments, amid geopolitical uncertainty and macro headwinds.
Spot Ether exchange-traded funds (ETFs) recorded net outflows for seven consecutive days, totaling $391.8 million, while global Ether ETPs saw $27.2 million in outflows last week, according to SoSoValue data.
More than $111 million in long ETH positions were liquidated in the past 24 hours, reinforcing the downward pressure on Ether's price as spot ETF outflows and declining futures premiums hinder recovery efforts.
