Ethereum nears 2-year low weekly close — Why $2K ETH price must hold

Ethereum faces another 30% drop to $1,500 if the ETH price double-top pattern plays out, making the $2,000 level increasingly important for the bulls to hold.

Ethereum’s native token, Ether (ETH), posted a new yearly low at $2,070, which is also the lowest since Jan. 1, 2024. The second-biggest cryptocurrency dropped 7.40% on Feb. 28, leading to over $200 million in liquidations over the past 24 hours.

Ethereum1-day chart. Source: Cointelegraph/TradingView

With ETH price now testing two-year lows, 0xLouisT, a crypto investment manager, says that Ether’s social sentiment is “at its lowest in the past 12 months”.

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