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Data on chains shows that Ethereum has been broken on the basis of all the important basic levels of investors, except one. This price level is currently located here.
Ethereum has only realized the prize of mega whales to trust now
In a cryptoquant quicktake afterAnalyst Mac_D has discussed where the next major support level for Ethereum could be. The rule in question is a version of the realized price.
The “realized price” is an indicator of the chain that, in short, keeps track of the average cost-based investors who belong to a certain ETH cohort. When this metric is below its place, it means that the average member of the group holds coins with a net loss. On the other hand, it suggests above the value of the active that the cohort as a whole is in a state of net profit.
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The costs of investors are considered an important topic for analysis on the chain, because holders can rather show a kind of movement when their profit loss status is challenged.
Whether investors respond by buying or selling can come down to which direction the retest of their acquisition level occurs. If it is from above, holders can decide to collect more if the atmosphere is Bullish, because they can consider the withdrawal as a ‘dip’. This provides support to the active, which means that their cost -base is defended.
Similarly, investors who were flooded just before the retest can believe that the Golf would not last and that they would fall into losses again. So they could make the decision to leave, to at least escape their entire investment.
A cost -based level that has shown a special interest for not only Ethereum, but digital assets in general is the realized price of the entire network. As the graph shared by the Quant shows, this level is currently around $ 2,250 for ETH.
It is clear from the graph that the line offered support to Ethereum last year, but it recently failed because the price of the coin has fallen considerably. This means that the average holder on the blockchain is now on a remarkable loss.
With this important level disappeared, the realized price of the individual cohorts can help point to where the next support could be. Here is a graph with the trend in the indicator for investors who have between 100 and 1,000 ETH, 1,000 to 10,000 ETH, 10,000 to 100,000 ETH and more than 100,000 ETH:
As visible in the graph, Ethereum has placed three of the cohorts under water with the latest crash. Now only the biggest holders in the sector, who with more than 100,000 ETH in their balance, are still in the green.
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In the 2022 Bear Market, ETH found support for the realized price of these gigantic whales. It is therefore possible that this line is again important for ETH.
At the moment the cohort has its average acquisition level at $ 1,290, so it will take more bearish action before a retest can take place.
ETH price
At the time of writing, Ethereum trades around $ 1500, a decrease of more than 16% in the last 24 hours.
Featured image of Dall-e, cryptoquant.com, Graph of TradingView.com