Ethereum Approaches Key Whale Realized Price Amid Market Uncertainty

Ethereum Market Update:

  • Ethereum is trading above $3,200, facing fragile market sentiment.
  • Analysts caution about a potential bear market despite bullish attempts to push prices higher.

Key On-Chain Data

  • A CryptoQuant report highlights the significance of the realized price for whales holding over 100,000 ETH. This metric is historically linked to significant market turning points.
  • The realized price acts as a structural floor, with Ethereum never trading below this level in five years, marking it as a critical threshold.
  • Currently, this realized price is around $2,500, indicating a potential long-term value area if ETH stays above it.

Technical Analysis

  • Ethereum has rebounded from sub-$2,900, reclaiming $3,200 but faces resistance at the 50-day moving average.
  • The 100-day and 200-day moving averages are positioned between $3,400 and $3,600, forming resistance zones.
  • ETH needs a breakout above $3,350 to confirm a trend reversal; falling below $3,150 could lead to further declines.

Ethereum Realized Price (Balance > 100K ETH)

ETH testing critical resistance level