Ethereum: Bull Market Despite Price Drop

IconCryptoNewsTerminal Staff30 Aug, 2024

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Ethereum: Bull Market Despite Price Drop

Ethereum's recent price drop has many wondering if the bull market is over. However, on-chain data suggests that ETH is still in a strong position. CryptoQuant contributor Crypto Sunmoon analyzed Ethereum's Realized Price, which is the average acquisition cost of all ETH in circulation. He found that ETH has never fallen below its Realized Price during the current bull market. This suggests that the Realized Price is acting as a support level. Historically, altcoin bull markets have started when ETH trades above its Realized Price. The fact that ETH is still trading above this level suggests that the bull market is still intact. Of course, the crypto market is volatile, and anything can happen. However, the on-chain data suggests that Ethereum is still in a strong position.

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