As a seasoned researcher with over a decade of experience in the crypto market, I’ve witnessed many ups and downs, and let me tell you, the current state of Ethereum is intriguing. The recent bearish trend has been relentless, but looking at the on-chain data, it seems we might be approaching a crucial juncture.
Over the last several weeks, the value of Ethereum has faced significant bearish trends, with a continued decline seen over the past seven days. Remarkably, this persistent downward trend has persisted even after the introduction of spot ETH ETFs.
Based on current transaction data on the blockchain, it appears that the cost of the alternate coin is nearing a crucial point. The latest price fluctuations spark curiosity: could we be witnessing a pivotal moment for Ethereum’s pricing?
1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance
In a recent update on the X platform, data analytics platform IntoTheBlock suggests that Ethereum’s price might be trending towards $3,000. This level has historically served as a significant support for Ethereum, due to the average investment cost of many Ethereum holders. The reasoning behind this prediction is centered around these investors’ average purchase costs.
As a researcher, I’ve analyzed the token distribution surrounding the current Ethereum price, using data sourced from IntoTheBlock. The size of the dots in this chart represents the quantity of tokens purchased within a specific price bracket, with larger dots indicating more significant and stronger levels at those price points.
It appears that there’s a surge in Ethereum purchases whenever its value nears the $2,913 – $3,000 range, suggesting the significance of this price segment. According to IntoTheBlock’s latest findings, over 1.7 million wallets have recently bought ETH tokens at prices slightly below $3,000.
As a result, heavy buying activity has established key support levels within this price range. According to IntoTheBlock’s analysis on asset X, this was observed.
As $ETH dips below, will we witness a surge in demand?
In simpler terms, established investors, fearing a drop in Ethereum’s price to around $3,000, may choose to buy additional tokens to protect their initial investment cost (cost basis). On the other hand, new investors might see this as an opportunity to invest in ETH, as it has often marked a point of recovery in its historical price trends.
If the price of $3,000 doesn’t keep steady, there’s a possibility that Ethereum, often referred to as the “king of altcoins,” may continue its decline, potentially dropping to around $2,800. Since this support level appears weaker, there’s also a chance that the price could fall even lower, perhaps reaching $2,600.
Ethereum Price At A Glance
Currently, ETH‘s price hovers at approximately $2,988, representing nearly a 7% decrease over the past day. This recent decline highlights Ethereum’s struggles during the past week, as evidenced by its 9% drop in value over the last seven days, according to CoinGecko data.
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2024-08-03 17:11