Ethereum Price Slips Below Whale Cost Basis — More Pain For Bulls?
Ethereum's price experienced a significant downturn in early February, falling over 30% and briefly dropping below $1,850. A critical development occurred as the price slipped below the realized price (average on-chain acquisition cost) of all investor cohorts, including large holders (whales) with over 100k ETH, whose cost basis is approximately $2,074. Historically, this whale cost level has acted as strong resistance in downtrends and reliable support in uptrends. A break below it suggests two potential outcomes: a sharp rebound if reclaimed as support (as seen in 2020 and 2022), or further capitulation toward multi-year lows (as in 2018-2019). Key resistance for any recovery is seen between $2,534–$2,675 (the realized price of smaller holders). If the $2,074 level is not reclaimed within 30-45 days, ETH could decline further to $1,800 or even $1,300–$1,600. At the time of writing, ETH is trading at $2,030, up over 7% in 24 hours.
bitcoinist02/08 11:34