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In recent weeks, the Ethereum price has difficulty keeping its bullish momentum from the beginning of May. The Altcoin is stuck within a consolidation range and jumps between the $ 2,500 and $ 2,700 region.
Although the Ethereum price was usually above the $ 2,600 level last week, a market-wide decline the value of the Altcoin on Friday 6 June to $ 2,400. Although the ETH price has not yet been fully restored, at least it has succeeded in reclaiming the $ 2,500 level in this weekend.
Binance realized the price of crucial importance for ETH
In a Quicktake post on the cryptoquant platform, an on-chain analyst at the pseudonym Crazyblockk unveiled That the Ethereum prize showed an interesting response around the price level of $ 2,392 on Friday. The crypto expert noted that This reaction is not random, because it took place at a significant level at the chain-de Realized price of Binance user deposit addresses.
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The relevant indicator behind this observation at the chain is the ETH-realized price statistics, which follows the average cost-based cost basis in various cohorts, including the Binance user cut-off address, OKX user deposit address, addresses that are often received from CEX and very active addresses.
Crazzyblockk emphasized the prices realized for these cohorts, with those of the Binance -Deposito address of the Binance address of approximately $ 2,392; OKX user deposit address for $ 2,706; Addresses that are often received from CEX at $ 2,532; And very active addresses with a realized price of $ 2,513.
As can be seen during the last dip, the realized price of $ 2,392 represents a large level of support on the chain, as this is the cost basis of various Binance user deposit addresses. “The bounce of the market of this level emphasizes the impact of Binance user behavior on the current price structure of ETH,” Crazzyblockk added.
Crazzyblockk also noted that although $ 2,500 is an average price realized for all marked cohorts, an important detail should not be overlooked – the influence of binance on the general market. The crypto expert explained that Binance has the highest ETH reserves between all centralized exchanges and has a strong dominance in ETH on-chain movement.
For this reason, the analyst concluded that the realized price of Binance user deposit points ($ 2,392) is a crucial level to view ETH in the market structure. As a result, this level must be considered when financial decisions about Ethereum are about to be made.
Finally, most investors would have a profit if the price of Ethereum remains above $ 2,500, which relieves the market of downward pressure, because investors have less chance of selling in profit. On the other hand, a drop below $ 2,500 can result in a wave of non-realized losses for the holders of the Altcoin, which may cause a sale and therefore an increase in downward pressure.
Ethereum -price at a glance
From this letter the price of ETH is around $ 2,523, which reflects a jump of 1.12% in the last 24 hours.
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Featured image of Unsplash, graph of TradingView
Credit : www.newsbtc.com
