Summary
- Reports indicate Ethereum (ETH) could see an additional 15% drop in the coming weeks.
- ETH's realized price is $2,054, and the current price suggests holders are experiencing unrealized losses.
- Analysis suggests ETH could reach the $2,200 resistance level if it rebounds.
According to cryptocurrency media Cointelegraph on the 12th (local time), a combination of on-chain and technical analysis indicates that Ethereum (ETH) could potentially drop an additional 15% over the course of several weeks.
ETH has fallen below its realized price of $2,054 for the first time since February 2023. The realized price represents the average acquisition cost across the entire circulating supply by calculating the average price at which each ETH last moved.
ETH's price falling below the realized price indicates that ETH holders are generally in an unrealized loss position.
The Market Value to Realized Value (MVRV) ratio has declined to 0.93, suggesting that ETH holders are experiencing an average loss of 7%. Additionally, TVL and fees have significantly decreased.
Glassnode analyzed that if ETH rebounds, it could relatively easily reach the resistance level of $2,200 due to fewer sell orders in the $1,900-$2,200 range.
Meanwhile, as of 02:09 on the 13th, ETH is trading at $1,880.80 on the Binance Tether (USDT) market, down 1.53% compared to the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
