Ethereum (ETH) has declined for six consecutive months, setting a recent record. Can the key support level of $1900 hold?
March 2 News: Ethereum (ETH) has recently continued its weak trend, with prices declining for six consecutive months, marking the second-longest monthly downtrend since the 2018 bear market. Data shows that Ethereum once plummeted below $85 during the ICO bubble burst, while the current correction is driven by multiple market factors.
Market analysis indicates that the recent weakness in ETH prices is related to various pressures, including whale fund diversification, derivatives market sell-offs, rising macroeconomic uncertainties, and outflows from spot Ethereum ETFs. Additionally, the rapid development of Ethereum Layer 2 scaling networks has somewhat reduced mainnet fee revenue, putting downward pressure on price expectations.
From a technical perspective, Ethereum briefly touched $2,054 before falling back and temporarily dropping below the $2,000 mark. Currently, ETH remains below the 100-hour simple moving average, and the short-term trend is still in a recovery phase.
Key price levels are attracting traders’ attention. Resistance is first at $2,000, followed by $2,120 and $2,155. If ETH successfully breaks through $2,155, the upward potential could open, with target ranges possibly between $2,220 and $2,250. Support levels are concentrated at $1,920 and $1,880; if $1,880 is broken, the price could further decline to $1,840, $1,800, or even $1,740.
Meanwhile, Ethereum’s technical roadmap continues to advance. Ethereum co-founder Vitalik Buterin recently stated that AI tools could significantly accelerate Ethereum development. He mentioned that during testing AI coding capabilities, a simple blog application prototype was built in about an hour, demonstrating AI’s potential to improve development efficiency.
Buterin believes that the efficiency gains from AI should partly be used to strengthen security systems, such as increasing test cases and promoting formal verification of code, thereby reducing the risk of smart contract vulnerabilities. He also pointed out that with upgraded development tools, the long-held standard of “bug-free code” may gradually become industry norm in the future.
Regarding long-term outlooks, some institutions remain optimistic about ETH. Standard Chartered predicts that Ethereum’s core position in stablecoins, DeFi, and asset tokenization could drive prices to rise long-term to $7,500. VanEck has a more aggressive target of $10,000, believing that upgrades like Pectra and Glamsterdam could boost network processing capacity to 100,000 transactions per second.
Currently, ETH finds some support around $1,900. The market’s next focus is whether this level can hold steady and whether funds will flow back into the Ethereum ecosystem.
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