Ethereum investors have been actively managing their positions during recent price swings, according to blockchain analytics firm Glassnode. According to the firm, after a sharp rally to $2,500, Ethereum's price retraced to $2,050, a price region the asset last witnessed in November 2023. Data shows that investors moved capital strategically across different price levels, looking to navigate the dip. How Key Ethereum Holders BehavedPer a three-month analysis, investors who initially acquired ETH at $3,500 adjusted their exposure significantly in February. They entered the market at the peak of $2,500 and the recent low of $2,050. These investors now hold 1.75 million ETH at an average cost basis of $3,200, effectively reducing their initial entry price by around 10%. Glassnode Glassnode also revealed that on March 1, investors amassed roughly 500,000 ETH at around $2,200. However, they quickly redistributed these holdings when the price touched $2,500. Additionally, a major resistance zone has emerged at $2,800, where market participants accumulated approximately 800,000 ETH. This suggests that if Ethereum's price rebounds, $2,800 will be a crucial level for traders to watch. Other analyses confirm the growing accumulation among whales. Market pundit Ted pointed out today that a whale investor recently purchased 17,855 ETH, worth approximately $36 million, at an average price of $2,054. This whale's total Ethereum holdings now exceed $2.5 billion. Notably, this reflects the accumulation trend, as large investors see the current price as an opportunity. Ethereum in a Favorable Position?Moreover, CryptoQuant analyst MACD suggested that ETH might be in a favorable position despite the current price struggles. According to him, the MVRV ratio has dipped below 1, signaling an undervalued zone. In previous bull cycles, this level preceded significant price surges. Ethereum MVRV Ratio | CryptoQuantIn addition, he noted that the number of Ethereum accumulation addresses, which receive ETH but never withdraw it, has also risen sharply. This suggests that institutional investors are building their positions during the current downturn. Despite these bullish signals, MACD stressed that broader economic conditions still influence the crypto market. He noted that U.S. liquidity policies, tariff measures, and monetary strategies could continue to create downward pressure on asset prices. Ideal Buy Opportunity Interestingly, looking at Ethereum's technical patterns, market analyst Crypto Rover suggests the altcoin presents an attractive buy opportunity. Data from his chart shows that ETH has been trading within a horizontal channel since March 2024. https://twitter.com/rovercrc/status/1897281442654085122Every retest of the trendline has led to a sharp move in the opposite direction. Since its surge to $4,097 in December 2024, Ethereum has been in a downward trend, recently touching the lower trendline again. If history repeats, a breakout to the upside could follow. Meanwhile, another analyst, Da Crypto General, highlighted Ethereum's performance against Bitcoin. According to him, ETH/BTC has reached a major support level and is displaying bullish momentum after retesting the discount zone. He also believes this is an ideal buying opportunity, both for short-term traders looking for scalps and for long-term investors adding to their holdings.
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