Ethereum Tests $2,150 Support — MVRV Bands Point to Sub-$2,000, $1,500 Risk
Ethereum (ETH) is trading around a critical weekly support near $2,150 after a sharp sell-off that produced a large red weekly candle and pushed ETH below the 8- and 34-week moving averages. Market commentator Cheds called $2,150 the most important level on the chart; a break there would expose a deeper demand zone near $1,500, which aligns with 2023 range lows and the lower Bollinger Band on the weekly timeframe. Volume expanded on the sell-off and momentum structure shows lower highs and range expansion — signals consistent with a structural breakdown rather than a shallow pullback. On-chain valuation using Glassnode’s MVRV bands (via Ali Charts) maps historical bottoms to the 0.80 band; that threshold currently sits just below $2,000. Historically, ETH formed cycle lows beneath the 0.80 MVRV band before stabilizing and later reclaiming higher bands. Key takeaways for traders: watch the $2,150 weekly support as the decision point — hold suggests base-building; failure increases probability of a move toward $2,000 or $1,500 demand zones. Monitor weekly close, volume, and on-chain MVRV positioning for confirmation.
Bearish
The article outlines a clear technical and on-chain case for downside risk. Weekly price action shows a large red candle, break below the 8- and 34-week moving averages, increased sell volume, and lower-high structure — all classic signs of a structural breakdown. The $2,150 band is framed as the decisive support: if it holds, the market may stabilize and form a base; if it fails, chart structure and historical on-chain MVRV bands point to further declines toward the $2,000 area and potentially $1,500, which correspond to prior range lows and the lower MVRV (0.80) valuation band. Historically, ETH bottoms often formed below the 0.80 MVRV line during major drawdowns, indicating that a move under $2,000 would not be unprecedented and could mark an extended basing phase. For traders, the immediate implication is increased downside risk and elevated probability of further liquidation and lower prices in the short term. Short-term trading strategies may favor protective positioning: tighten stops, reduce leveraged long exposure, or consider tactical short positions or put-hedges. Mid- to long-term investors should watch on-chain MVRV and volume for capitulation signs; if price reaches the historical MVRV bottom and on-chain metrics show reduced selling pressure, it could present a longer-term accumulation opportunity. Overall, indicators and historical parallels support a bearish near-term outlook until $2,150 holds and price action/volume confirm stabilization.