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Is Ethereum’s Price Bottom In Sight? Key Data Points To Consider
The recent drop in Ethereum’s (ETH) price has left many wondering if the cryptocurrency is about to hit rock-bottom. While some analysts suggest that the realized price has been breached, casting a positive light on the situation, other factors indicate that further decline could be possible.
According to CryptoQuant analyst Kriptolik, ETH’s price has dropped below its “realized price,” which marks an average cost basis for most buyers. Historically, this level has been followed by strong recoveries, making it a strategic accumulation point for long-term investors. The analyst points out that previous instances of this event have consistently been followed by market rebounds.
However, there are also signs that could indicate the opposite. Weak demand for spot ETH ETFs and flat network growth could put pressure on the cryptocurrency’s price. As CryptoQuant analyst Stacy Muur notes, Ethereum active addresses have been stagnant for four years, raising concerns about potential recovery prospects. Moreover, institutional investors have been exiting the altcoin for six consecutive weeks.
From a price chart perspective, ETH has dropped to a two-year low below $1.5k and is down 64% from its press time cycle peak of $4k. With ongoing macro uncertainty, it’s difficult to rule out an extended decline to $1k in the short term.
In conclusion, while Ethereum’s price hitting rock-bottom may seem plausible, further decline cannot be ruled out due to prevailing market conditions.
Source: https://ambcrypto.com/is-ethereums-price-bottom-in-sight-key-data-points-to/
