Ethereum Price Support: Bull or Bear?

IconCryptoNewsTerminal Staff02 Aug, 2024

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Ethereum Price Support: Bull or Bear?

Ethereum Price Analysis CoinTelegraph, citing IntoTheBlock data, analyzed that "approximately 3.69 million addresses hold 1.24 million ETH at an average of $3,000. This is a significant support level but is somewhat weaker compared to the support at $2,700." The $2,700 support level is stronger because 1.111 million addresses hold 59.07 million ETH at an average cost basis of $2,647. This support has held on several occasions in recent months. However, some analysts believe that if the price falls to $2,700 again, there is a high chance of a downward breakout. This is because the $2,700 support is not as strong as the $3,000 support. Overall, the Ethereum price is facing a critical juncture. If the price can hold above $3,000, it is likely to continue its upward trend. However, if the price falls below $2,700, it could trigger a downward breakout.

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