Breaking: Ethereum dips below $2,000 as bears target $1,700

Ethereum has dipped below $2,000 after failing to climb above the $2,300 supply wall. On-chain data shows that ETH sits on a weak level of support that if breached could lead to significant losses. 

IntoTheBlock's In/Out of the Money Around Price (IOMAP) model reveals that the most considerable demand wall underneath Ethereum lies between $1,934 and $1,991 where 442,520 addresses had previously purchased 1.17 million ETH. A sustained close below this support level could encourage these addresses to exit their positions, increasing the selling pressure behind the second-largest cryptocurrency by market cap. Under such unique circumstances, Ethereum would likely revisit May 12's swing low at $1,700. 

Ethereum Transaction History

The IOMAP also shows that Ethereum faces stiff resistance at around $2,300 where 370,580 addresses hold more than 8 million ETH. Bulls would have to claim this hurdle as support to have a chance of pushing Ether toward $3,000.