Ethereum Hits 14-Week Low as Traders Defend Critical $1.8K Support
Ether ($ETH) dropped to $1,814 on Wednesday, its lowest in over 14 weeks, raising concerns about whether the $ETH/USD pair can stabilize above key liquidity zones near its multi-year lows at $1,800. $ETH/USD 1-hour chart. Source: Cointelegraph/TradingView Key takeaways:Ether fell to a 14-week low near $1,800, with traders warning a breakdown could trigger deeper losses toward $1,200-$1,600.The Coinbase Premium Index hit its lowest level since February, signaling persistent weakness in US spot demand.Spot Ethereum ETFs logged sixteen straight days of outflows. Ether sits on weak support at $1,800 Ethers technical structure has weakened after losing support at $2,000 and $2,200. Note that all the major moving averages lie within this zone on the daily chart. Today, $ETH traded as low as $1,814 on Bitstamp, while the daily relative strength index (RSI) fell to 25, its lowest level since Feb. 6, highlighting strong downside pressure and oversold conditions. Related: Bitmine buys $52M $ETH as Tom Lee says price not yet showing Ethereums strength However, this might also mean that the sellers are losing momentum, suggesting a possible price rebound from current levels, akin to the 39% rebound seen in February. $ETH/USD daily chart. Source: Cointelegraph/TradingView Traders say Ethers bullishness hinges on the $ETH/USD pair holding above the crucial $1,800 support. “$ETH