Ethereum Price Holds at $2.9K: Support or Correction?

Ethereum’s price has experienced a correction after reaching multi-month highs, dropping over 14% since September 13. However, analysts remain optimistic, citing the average realized price of Ethereum accumulation addresses at approximately $2,900 as a key support level. This indicates that long-term holders have a high cost basis, reducing the likelihood of widespread selling. CryptoQuant data shows a significant increase in the total balance held by these accumulation addresses, reaching 27.6 million ETH. Analyst Burak Kesmeci highlights the $2,900 realized price as a crucial support zone, though a break below this level could trigger a deeper correction. Technically, the 200 EMA at $4,106 acts as critical support for ETH’s current price of around $4,173. A sustained defense of this level is crucial to prevent further decline; otherwise, the $3,800–$3,900 zone could become the next support level. Despite short-term bearish momentum indicated by the downward-sloping 50 EMA, the upward-sloping 200 EMA suggests the long-term trend remains bullish. The situation presents a critical test for ETH bulls, with the potential for a rebound towards $4,400 if support holds, or further correction if it fails.

(Source: https://bitcoinist.com/ethereum-accumulation-addresses-2-9k-realized-price/)