Ethereum Price Drops 10% After Hitting Key Resistance Level
On-chain data indicates Ethereum faced resistance at historically significant price levels, specifically the Active Realized Price model.
Key Points
- Ethereum's recent rally peaked near the +1 standard deviation level of the Active Realized Price at approximately $4,700.
- The price drop of around 10% followed this peak, confirming the level as a resistance barrier.
- This threshold has historically prompted profit-taking selloffs among investors.
- Ethereum briefly surpassed this line in March 2024 but encountered selling pressure that halted upward momentum.
- Last week marked the highest inflows for US Ethereum spot ETFs since their launch, with 649,000 tokens added to fund wallets.
- Current ETH price is around $4,360, reflecting a 2% increase over the past week.
