[Analysis] "Ethereum attempts a strong rebound near the average buy price of core accumulation addresses"
Summary
- Analysis said that Ethereum showed an immediate rebound as it approached the average buy price of core accumulation addresses.
- It stated that this zone is a major support line that has hardly broken in past cycles.
- It said long-term holding accumulation entities would trigger additional buying at this price level, helping the market form a sustainable cycle bottom.
Analysis shows that Ethereum (ETH), upon approaching the average buy price of core accumulation addresses with long-term holding tendencies, immediately showed a rebound and is defending a major support zone.
On the 1st (local time), CryptoQuant author Crypto Sunmoon (crypto sunmoon) said, "Ethereum is attempting an immediate rebound as soon as it reaches the average purchase price of the core accumulation addresses (so-called permanent holders)," adding, "In particular, this zone is a fundamental support line that has hardly broken even in past cycles."
He went on to predict, "These long-term holding accumulation entities will induce additional buying at that price level, helping the market form a sustainable cycle bottom."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
