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Ethereum Hits Critical On-Chain Support Level Amidst Market Reaction
The cryptocurrency market is at a key point, with Ethereum returning to an on-chain support zone that historically signals major market cycle turning points.
Key Points
- Ethereum's price recently dropped to $2,870 but rebounded after Nvidia's earnings boosted the market.
- The $2,800 level is crucial as it aligns with the realized price for retail investors and whales, indicating a strong on-chain floor.
- Retail holders are selling, while whale investors (holding 10,000 ETH or more) are accumulating.
- Long liquidations have stabilized, suggesting short sellers dominate the market, setting the stage for a potential squeeze.
Historical Patterns
- Ethereum has repeated liquidity patterns seen at previous market bottoms, indicating a potential setup for expansion.
- A full liquidity reset is observed, potentially signaling the start of Ethereum’s next growth phase, contingent on rebuilding market depth.
