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3.56 Million ETH Worth at Current Support Zone
Ethereum’s current support zone plays a pivotal role in its price action, with 3.56 million ETH acquired within $1,843 to $1,900.
“Approximately 3.56 million ETH was acquired between $1,843 and $1,900, forming a strong support zone.” — IntoTheBlock
Vitalik Buterin comments on long-term growth, emphasizing developer activity.
With a historical precedent for resilience, short-term fluctuations drive market sentiment. ETH exchange reserves at a multi-year low display strong accumulation characteristics. Expert opinions hint at a firm foundational backing despite volatility.
Exchange Reserves Indicate Long-Term Interest at 18.8 Million
The potential breakdown below $1,843 poses risks, including increased investor selling. Exchange reserves, at 18.8 million, show long-term interest.
“ETH exchange reserves have declined to 18.8 million, a multi-year low, indicating long-term accumulation.” — CoinAlyze
Ethereum price at $1,904 suggests market consolidation. Financial implications reveal weakening demand could spur a deeper market correction. On-chain data suggests 46% of addresses remain profitable, the lowest since 2022.
“The percentage of ETH addresses in profit has dropped to 46%, the lowest since December 2022.” — CoinAlyze
Lex Sokolin asserts long-term fundamentals as robust.
Past Dips Under $2,000 Suggest Possible Rebound
Ethereum last dipped under $2,000 in 2023, subsequently rallying to $4,000 by mid-year.
“The Ethereum ecosystem continues to grow and evolve. Short-term price movements don’t reflect the long-term value proposition and developer activity.” — Vitalik Buterin
Similar patterns are crucial for traders gauging support zones. ConsenSys economists highlight scalability and growing real-world utility in backing the asset’s value. Expert analysis underscores the importance of the current price shaping Ethereum’s potential trajectory. Increased utility could stabilize Ethereum’s price, while historical trends suggest a potential rebound following such corrections. Monitoring remains crucial for stakeholders.
