A handful of bearish factors are impacting Ethereum price and the situation could deteriorate further if the support at $1,825 collapses.
of the proof-of-stake network has increased. The locked ETH in staking contracts decreased its liquid supply on exchanges, which is more susceptible to selling than staked ETH.
The on-chain metrics show that the price could suffer some selling pressure from short-term holders and panic selling from investors spooked by relatively lower levels of activity in 2023. Ether has witnessed only one death cross between the 50- and 200-period moving averages on a weekly scale in the past in June 2019, after which its price dropped 60%.On the daily chart, the ETH/USD pair threatens a fall toward the 200-day MA at $1,761, which also coincides with the lower highs from November 2022.The derivatives data for ETH indicates that there has been no significant change in the open interest volume for futures contracts, which reflects the demand for these contracts.
As the expiration date approaches, it is likely that the price will remain subdued around the maximum pain level for options buyers, which is at $1,850.
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