ChainCatcher reports that, according to on-chain data, the ETH price has recently rebounded three times after falling to the average holding cost of a specific whale group. This indicator tracks whale wallets that meet certain conditions: a single purchase of 100+ ETH, at least two purchases, never sold, current balance of 100+ ETH, and excluding CEX addresses.
On-chain data shows that whenever the price touches this cost line, these addresses experience strong buying peaks. Since the price first reached this level on November 21, these whales have accumulated over 4.8 million ETH, accounting for 4% of the circulating supply, with balances increasing from 22.4 million to 27.2 million.
If this support level is broken, the overall market has a realized price of about $2,300 as support below. On-chain analysis indicates that being below the realized price suggests relative cheapness, making it attractive to investors optimistic about the future market.
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