Risk of Capitulation Looms for Ethereum if It Falls Below $1,843, On-Chain Data Shows
IntoTheBlock's analysis shows a strong support zone for Ethereum at around $1,843, where 3.56 million ETH are held.Ethereum remains under pressure as the broader crypto market struggles to regain stability. The asset is currently trading around $1,900, experiencing noticeable fluctuations throughout the day. Despite a brief surge to $1,920, Ethereum retraced later. A drop below $1,880 was observed, but the quick rebound suggests some buying interest at lower levels.Key Support and Resistance LevelsAmid Ethereums struggles, IntoTheBlock's "In/Out of the Money Around Price" analysis provides insights into Ethereum's support and resistance zones. The data identifies a significant accumulation zone between $1,843 and $1,900. In this range, market participants acquired approximately 3.56 million ETH, with around 4.64 million addresses holding assets. This concentration suggests a strong support zone below $1,900. Per IntoTheBlock, if Ethereum breaks below this level, the risk of further declines increases as demand weakens beyond this point.Meanwhile, another financial analysis categorizes Ethereum holders based on profitability. Currently, 85.9 million addresses, or 64.94%, remain profitable, having acquired ETH at a lower price than the current market value. In contrast, 39.94 million addresses, or 29.97%, are at a loss, having purchased ETH at a higher price. Additionally, 6.73 million addresses, or 5.09%, are at breakeven levels. These holders face a critical decision pointwhether to sell and add to selling pressure or hold in anticipation of a price rebound.
Text source: The Crypto Basic
