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Ethereum currently has solid support for $ 2,200, but an analyst stressed that if the level fails, the next region to watch could be $ 1,160.
Chain data shows a large Ethereum application area nearly $ 2,200
In a new job On X, analyst Ali Martinez spoke of the place where support for Ethereum is based on the chain data. In chain analysisThe levels are considered to be major support / resistance areas if they host the cost base or level of acquisition of a significant part of the supply of the ETH.
The reason behind this lies in the fact that investors are more likely to show a sort of reaction when the holding of their profitability threshold takes place. This purchase / sale is not relevant to the larger market if only a few holders have it tested immediately, but the story may be different when the retest is the cost base of a large quantity of them.
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You will find below the graph shared by the analyst which shows how the different price levels around the current price of Ethereum are currently according to the amount of the offer which has been bought.
In the graph, the size of the point corresponds to the quantity of Ethereum offer contained in the associated price range. It seems that, on the ranges listed, the levels of $ 2,218 to $ 2,396 currently have the largest dowry, which means that they welcome the most offers.
More specifically, this range has the cost base of 6.28 million addresses, which bought a total of 67.2 million ETH at its levels. Given this fact, it is possible that if a fork holding the fork occurs, investors could show a strong reaction.
But what kind of reaction would it be, buy or sell? Well, these investors are in profit Currently and generally, these holders are more likely to double the assets during the drop in their acquisition brand, because they might believe that the same price level turns out to be profitable in the future.
As such, the range of $ 2,218 to $ 2,396 could end up acting as a high level of support for Ethereum. In the scenario that ETH falls below the lower end of the range around $ 2,200, however, it may have to count on support elsewhere.
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According to the graph, it is obvious that all the beaches below are much smaller in terms of supply. The next main support area is down to $ 1,160, where 35.9 million addresses have acquired 21.58 million tokens.
Naturally, Ethereum does not have to go to this area if $ 2,200 is lost, but if the data must pass, it suggests that the part could find it difficult to find itself below.
Ethn price
Ethereum holds above the chain application area for the moment, because its price floated around $ 2,475.
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