Ethereum price remains a laggard when compared to the wider crypto market. Here’s what must happen for a trend reversal.
Ether’s (ETH) most recent sell-off saw it lose the crucial $1,500 support level, and a number of technical indicators suggest that ETH may witness a deeper correction before embarking on a sustained recovery.
Data shows Ether’s price dropped below its realized price — an onchain metric that recalculates the market value of a cryptocurrency based on the price at which each coin last moved on the blockchain.
According to CryptoQuant contributor, theKriptolik, ETH price trading below this metric, which is historically a bearish sign. When the realized price is above the spot price, it usually acts as resistance and places “most holders suddenly in a loss position,” the analyst said.