"Ethereum Plunges 28%: Bearish Pressure Intensifies as $2K Support Looms"

Ethereum, the second-largest cryptocurrency by market capitalization, is facing significant bearish pressure as investor sentiment hits a 12-month low. The digital asset has dropped approximately 28% over the past 30 days, shedding more than $230 billion in market capitalization since December 2024. If Ethereum falls below the $2,000 mark, it could trigger additional losses for investors.

Crypto investment manager 0xLouisT shared a chart indicating that sentiment around Ethereum is at its lowest point in a year. A drop below $2,000 could intensify bearish sentiment, putting further pressure on ETH. Similarly, Bitcoin trader and investor Jason Pizzino remarked that ETH could be "in more trouble than expected" if it closes below the $2,000 to $2,100 range.

A close below $2,000 would complete a bearish double-top pattern on the monthly chart, potentially sending ETH into the low $1,000 range. For context, the last time Ethereum traded in the $1,500 range was in October 2023. Fellow crypto analyst Morin highlighted ETH’s weekly demand level between $1,900 and $2,100, with the weekly supply zone positioned around $2,600. The analyst expects the digital asset to fluctuate within this range "in the near future."

While the short-term outlook for ETH appears uncertain, some indicators suggest that investors have not completely lost confidence in the asset. Crypto analyst Ali Martinez emphasized that large holders, also known as crypto whales, have bought more than 110,000 ETH in the last 72 hours. Leon Waidmann, Head of Research at Onchain Foundation, pointed out that despite ETH’s price decline, exchange reserves continue to drop, indicating investor confidence as fewer ETH tokens are being moved to exchanges for potential selling.

However, concerns remain for Ethereum, particularly as the network’s staking percentage has seen a sharp decline from its peak in November 2024. At press time, ETH is trading at $2,222, down 3.6% in the past 24 hours. Crypto analyst Ted Pillows remains bullish, predicting that ETH is still