Ethereum Price Under Pressure: Here’s Why $3,000 Is A Critical Level
03 Agosto 2024 - 9:00AM
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The Ethereum price has been under intense bearish pressure over the
past few weeks, continuing in a downward spiral over the last
seven-day period. This horrid run of form has persisted despite the
recent launch of spot ETH ETFs. According to recent on-chain data,
the price of the altcoin seems to be approaching a significant
level. This recent price action begs the question — is the Ethereum
price in make-or-break season? 1.7 Million Addresses Purchased ETH
At $3,000 – Here’s The Relevance In a recent post on the X
platform, market intelligence platform IntoTheBlock revealed that
the price of Ethereum is currently on its way down to $3,000, which
has proven to be a crucial support level in the past. The rationale
behind this evaluation revolves around the average cost basis of
several ETH investors. Related Reading: ‘Not All Hope Is Lost’:
Crypto Analyst Weighs In On The Market’s Performance The above
chart highlights the distribution of tokens around the current
Ethereum price, according to data from IntoTheBlock. The size of
the dots corresponds with the amount of tokens bought within a
price range while reflecting the significance and strength of each
level. As shown in the chart, there seems to be increased buying
activity whenever the ETH price approaches the $2,913 – $3,000
zone, indicating the importance of the price range. Based on recent
data from IntoTheBlock, more than 1.7 million addresses acquired
ETH tokens in the price region just below $3,000.
Consequently, the level of buying activity has led to the formation
of critical support within this price bracket. IntoTheBlock noted
in their post on X: As $ETH dips below, will we witness a
surge in demand? Most investors are likely to defend their cost
basis by purchasing more tokens should the Ethereum price fall to
the $3,000 range. Meanwhile, fresh investors might look to acquire
tokens at this level as it has been a historical turnaround point
for the price of ETH. On the flip side, if the $3,000 price range
fails to hold, then investors might see the “king of altcoins”
continue its downturn to as low as $2,800. Considering the
relatively lesser strength of this next support, the Ethereum price
could fall further down to $2,600. Ethereum Price At A Glance As of
this writing, the price of ETH stands at around $2,988, reflecting
an almost 7% decline in the last 24 hours. This past-day
performance underscores the cryptocurrency’s woes in the past week.
According to data from CoinGecko, Ethereum is down by 9% in the
last seven days. Related Reading: Bitcoin Down But Not Out: BTC To
$700,000 Highly Probable Says Analyst Featured image from iStock,
chart from TradingView
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