Ethereum recently took a bit of a dive from around $4,700, but don’t panic! Many investors see this as a buying opportunity.
Dip Buying Frenzy
Ethereum’s price dropped below $4,500, but data from Glassnode shows that big investors are actually buying more. Their analysis suggests that both institutional and individual investors are seeing this price drop as a chance to get in on the action, rather than a reason to sell. The buying around $4,400 acted as a strong support level, preventing a bigger crash. Interestingly, much of this newly acquired ETH was quickly moved to higher price points, suggesting some quick trading profits are being targeted.
Ethereum’s Price Resistance
Glassnode also looked at the Ethereum Realized Price-to-Liveliness Ratio (RPLR). This basically measures the fair value of ETH and how long-term investors are behaving. They found that Ethereum’s price stalled around $4,700 – a level it hit back in March during a bull market. This level seems to act as a significant resistance point, causing selling pressure.
Current Market Status
At the moment, Ethereum is trading a bit lower, around $4,238, and trading volume is down about 7% in the last 24 hours. This suggests some cooling off in the market, but overall, the situation doesn’t seem to be alarming.