Ethereum hits record low price with a 51% drop in 16 months. Market experts see potential buying opportunity as the price stabilizes around $2,000.
Ethereum (ETH), the top altcoin, has marked its lowest weekly price in the past 16 months, which has been unprecedented since November 2023, indicating recent challenges faced by this digital currency. Over the last 83 days, Ethereum’s price has dropped by 51%, resulting in an average daily loss of 0.61%. According to IntoTheBlock data, Ethereum experienced a significant outflow of $1.8 billion in the past week, the highest since December 2022. Ethereum’s Market Value to Realized Value (MVRV) ratio has also reached 0.8, unprecedented since October 18, 2023. Analysts believe this ratio signifies undervaluation and a potential buying opportunity. Ethereum’s price is currently stabilizing near the psychological level of $2,000.
