Ethereum Cost Basis and Exchange Flows Show Mixed Feeling as Price Pass Support Levels
Ethereum (ETH) don see plenty price go up and down, with recent data from the blockchain showing important levels of how much investors pay for am. Before, Ethereum price been dey significantly below where most investors pay for am, with most investors holding am for loss, apart from the mega whales (wey hold 100,000+ ETH), wey their real price na $1,290. This one make people fear say dem fit sell am plenty or buy am plenty for those low low levels, wey fit mean say price go shake more or say market no go do well for short time.
But, the latest data show say e don turn around: ETH don jump up by 56% for the past month, and e gain almost $1,000 for one week. Now, ETH price don pass the average amount wey most people wey hold am pay, with wallets wey hold 1,000–10,000 ETH averaging $2,196, 10,000–100,000 ETH for $1,994, and mega whales for $1,222. The next important support level na $2,225. Analysts dey talk say if ETH price fall below this one, price go shake more, but if the support hold, the price fit continue to go up. Positive funding rates and over $1.2 billion wey dem carry comot from exchanges show say people no dey sell am plenty again and investors get more confidence.
Traders suppose watch the cost basis areas and how money dey flow through exchanges as key signs for ETH support and how people feel about the market. The change from loss to strong gain show clear change for how the market dey look for Ethereum.
Bullish
Originally, Ethereum bin dey under key investor cost basis levels, wey show say plenty unrealized losses dey and risk of more sell-offs, wey fit mean say market go dey bearish or shake for small time. But, as price quick recover, with ETH now well above these cost basis levels for most holders and plenty money comot from exchanges, e show say investors don get confidence again and selling pressure don reduce. The positive funding rates and strong exchange withdrawals confirm say market go go up (bullish), wey mean say key support levels go likely hold. Historically, like this conditions don mark the start of constant upward trends, so the current feeling favor more gains unless critical support levels break.