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#Has the Crypto Market Entered a Bear Market?
Ethereum below critical threshold: Will 2019 scenario repeat?
Ether dropped below its critical support of 1.5 years. In the market dragged into uncertainty by the Trump effect, the current outlook for ETH is starting to resemble Bitcoin in 2019.
Ether has been moving below the critical region it held onto for nearly 1.5 years. The uncertainty caused by Donald Trump brought fear and panic, leading the most anxious product among the major altcoins, ETH, to fall below the critical region. This development leads us to interpret all recent developments as a 'temporary' trend. If ETH had managed to hold above the $2000 - $2100 level, we could have said that the consolidation process was continuing, but the current outlook is starting to resemble BTC's outlook in 2019. As summarized in the chart below, in 2019, Bitcoin first experienced a temporary rise, then faced intense selling pressure with the Covid crisis, followed by the rally in 2020.
When we return to Ethereum, we can say that the potential reaction levels are $1350, $1550, and $1750. ETH, which managed to survive from the $1750 level, needs to regain the range of $2150 - $2250 very quickly so that we can describe what happened as a 'fake-out' below the yellow zone. If it tries to consolidate below the yellow zone again, we will interpret this as a 4-year consolidation process, which could increase ETH's potential in terms of price in the long term. The stronger ETH becomes in a short time, the faster the altcoin market can heal its wounds.
Let's take a look at the on-chain data for ETH, which is entering the oversold territory and trying to build positive divergence in the daily time frame. According to the MVRV-Z Score, ETH has entered the dip zone for the first time since 2023. When ETH enters this zone in the metric, history shows us that the price is approaching its ultimate bottom level. A strategy of gradual buying from these levels can be implemented. ETH must settle above the range of $2150 - $2250 for the altcoin market to heal again.