Ethereum experienced another shockwave from its current market price. The average price that Ethereum holders purchased their coins was $2.2K according to CryptoQuant’s on-chain data and the network currently trades below this threshold. The prevailing bearish market signal indicates most investors are facing losses due to declining prices similar to earlier market corrections.
Whales Signal Trouble: $1.29K as the Next Support
Analysis indicates that whale addresses holding over 100K ETH provide the major next support area at $1.29K which coincides precisely with their realized price. Throughout bearish periods the $1.29K level has served as a fundamental psychological as well as financial benchmark for investors. Ethereum’s price decrease might depend on this essential orange line to prevent an additional market crash.
Historical Context: Luna Crisis and ETH’s Bounce
Ethereum experienced its largest price decline to $870 during the Terra Luna collapse which took place on June 18th, 2022. The price pointed toward a possibility of recovery after reaching its most bearish point indicating that extreme bearish conditions might create conditions for price strengthening. The existing economic conditions are different now but increased whale accumulation around $1.29K might trigger a similar price pattern as in the past.
Diverging Cohorts: Smaller Holders Still in Profit
The data from the balance cohort analysis shows separate trends emerging in the prices experienced by users. Small Ethereum holders between 1K–10K ETH and 100–1K ETH as well as 10K–100K ETH maintain higher average realized prices which indicates their position is profitable or they have minimal losses. The whales who hold more than 100K ETH demonstrate a marked reduced realized price because institutions entered early while monitoring for additional price deterioration.
What’s Next for Ethereum?
The price of Ethereum currently hovers below $2K as it approaches $1.5K and upcoming weeks may become decisive. The price should recover if it continues trading above the whale holding limit of $1.29K. A failure to support prices at this level indicates Ethereum could enter a deeper price correction which may reach its 2022 lows.
Trader and investor attention should remain focused on whale activities because their upcoming decisions will determine if the coin establishes stability or collapses from its current position.
