The atherium value breaks the six -year trend with a decline of February fast.


The atherium value has crashed, making it one of the worst performing blue-chip cryptocurrency in February.

Ethereum (Eth) dropped at a low of $ 2,075, its lowest level since January 2024 and about 50% below its highest level in November 2023. The ongoing decline has broken the six -year track record of the second largest cryptocurrency. It marks the first February decline for the Atherium since 2018 and its worst February performance on records.

Atherium seasonal
Ethereum seasonal | Source: Curring Class

The decline of the atherium has been more severe than its biggest rivals. This year Bitcoin (BTC) has fallen 25% from its highest level, while Ripple (XRP) is about 40% below in the same period.

The atherium has partially dropped due to the outflow in exchange-traded funds. All spots Etharium ETFs have seen the loss of asset for six consecutive days, causing the cumulative assets in these funds to $ 2.86 billion. Similarly, the spot bitcoin ETF has shed assets of more than $ 4 billion.

Etharium has also fought as it continues to lose market share for other layer -1 and layer -2 projects. The most notable contestants include layer -1 network such as Solana (SOL) and BNB Smart Chains, as well as layer -2 networks such as base and arbitrum.

Fear of the comprehensive crypto market has also contributed to the recession of the atherium, with fear and greed index to 33.

The atherium value loses key support because it creates a death cross

The atherium value breaks the six -year trend with a decline of fast February - 1
Ath Price Chart | Source: Crypto.news

The Eth Price continued the crash, as predicted in our earlier analysis, where we cited the recession flag chart pattern. A flag pattern has a long vertical trick, followed by consolidation. This consolidation formed a growing wedge pattern, a famous recession continuity signal.

Worse, Etreum has formed only one death cross, which is when the average average of 200-day is below the average due to the 50-day average. It is considered one of the technical patterns of the most recession in the market.

Ethereum has also lost major support levels at $ 2,150, which earlier marked the lowest swing in August and September 2023. This price served at $ 4,000 as a neckline of triple-top pattern.

Additionally, the average directional index has increased to 40, indicating that the bottom speed is getting stronger.

Given that the distance between the triple-top pattern and the neckline is 47%at $ 2,150, applying the same measure downwards suggests that the price of the atherium can crash by $ 1,095.



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