Ethereum Key Support: Cost Basis Data Points To $1,890 As Make-Or-Break Level
In line with major losses across the crypto market, Ethereum (ETH) declined by 17.08% in the past week reaching as low as $2,104. While the prominent altcoin has shown some minor gains in the past 12 hours, the general market sentiment remains bearish. Related Reading: Ethereum Retraces To Critical Monthly Demand Level – Can ETH Hold Selling Pressure? ETH Correction Likely Headed To $1,890 – Here’s Why The ETH market is currently navigating a strong market correction with several analysts now spotlighting potential key support levels. According to prominent on-chain analytics....
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On-chain data suggests an Ethereum close under the $1,530 level could lead to a significant drawdown for the cryptocurrency. Ethereum Support Levels Below $1,530 Are Very Thin Currently In a new post on X, analyst Ali has discussed what the support and resistance levels of Ethereum are looking like right now. These support and resistance levels aren’t the technical ones, however, but rather ones based on on-chain analysis. The support and resistance levels here are defined based on the density of investors’ cost bases. The “cost basis” here refers to the average....
On-chain data shows Ethereum has broken under all major investor cost basis levels, except for one. Here’s where this price level is currently situated. Ethereum Has Only Realized Price Of Mega Whales To Rely On Now In a CryptoQuant Quicktake post, analyst MAC_D has discussed about where the next major support level could lie for Ethereum. The line in question is a version of the Realized Price. The “Realized Price” is an on-chain indicator that, in short, keeps track of the average cost basis of investors belonging to a given ETH cohort. When this metric is under the....
Bitcoin has approached the $30,000 mark with a sharp rally today, but on-chain data suggests the level could provide some major resistance. 1.49 Million Addresses Bought Around The $30,000 Level According to data from the market intelligence platform IntoTheBlock, the most significant potential resistance for BTC is at the current levels. The “resistance” here refers to not the technical resistance, but rather the on-chain one. From the on-chain perspective, levels are defined as resistance/support on the basis of the concentration of investors/addresses who bought at said....
The on-chain analytics firm Glassnode has explained how the Bitcoin investor Cost Basis Distribution could highlight this level as an important one. A Notable Amount Of Bitcoin Has Cost Basis At $106,600 In a new post on X, Glassnode has talked about the Bitcoin Cost Basis Distribution for the levels nearby to the current spot price. The “Cost Basis Distribution” (CBD) here refers to an on-chain indicator that tells us about how much of the asset’s supply was purchased at what price levels. Related Reading: Bitcoin At $103,000 Relatively Cool Per This Indicator, Quant....
The Bitcoin price has been in a red-hot form over the past two weeks, leading to talks of the premier cryptocurrency reclaiming the significant $100,000 mark. Interestingly, the latest on-chain data suggests that the price of BTC could fly past this level and forge a new all-time high over the coming weeks. What Will Happen If Bitcoin Price Falls Beneath $93,145? In an April 26 post on X, popular crypto analyst Ali Martinez shared an exciting analysis and projection for the Bitcoin price over the next few weeks. According to the online pundit, the flagship cryptocurrency could be on its....