Ethereum Plunges to Yearly Low, Bulls Face Double-Top Pattern
1min read Ethereum's native token, Ether (ETH), has reached a new yearly low of $2,070, its lowest since January 1, 2024. The second-largest cryptocurrency dropped by 7.40% on February 28, leading to over $200 million in liquidations over the past 24 hours. The weekly close for ETH is nearing two-year lows, with a close below $2,300 marking its lowest since November 2023.
Ether's price is down 24.50% in the past seven days, its worst weekly turnover since 2022. The top altcoin is also set to close below its 200-weekly exponential moving average (EMA), which has closely tracked Ethereum's bottom range. Since 2020, ETH/USD has closed under the 200-weekly EMA level for only 39 weeks out of a possible 268, only 14.55% of the time. Based on historical trends, Ethereum might reclaim a position above the EMA level within a few weeks.
A double-top pattern threatens the bulls, with a close under $2,100 validating the neckline. Any correction under $2,000 increases the chance of another 28% decline to the next support at $1,500. Jason Pizzino, a crypto investor, warns that Ethereum could be "in more trouble" if it closes under $2,000-$2,100. Thus, ETH must remain above $2,000 to invalidate this double-top pattern on the charts.
Although Ether must stay above $2,000 to prevent further decline, Glassnode data indicates that the cost-basis distribution price is lower at $1,890. The cost basis distribution (CBD) price of an asset isn't a single fixed number but a range of prices reflecting when the ETH last moved onchain. A $1,890 CBD price indicates that Ether could retest this value if price weakness persists.
Morin, a crypto trader, underlines that a demand zone for ETH lies around $2,100 to $1,900. The trader expects the altcoin's 
