Breakdown of Average Cost Basis for ETH Holders, Organized by Wallet Scale
Ether (ETH) just keeps on winning, rallying nearly $1,000 over the past week and climbing 56% over the last 30 days. But as this crypto powerhouse marches on, keeping an eye on some crucial price zones is crucial, especially during a bull market.
Enter CryptoQuant, the on-chain analytics platform that sheds light on these vital zones by revealing the average cost basis for ETH holders, based on their wallet sizes.
Here's the breakdown, according to the report by pseudonymous CryptoQuant analyst Blitzz:
- Wallets holding between 100,000 to 1,000 ETH: $2,225 per ETH
- Wallets with balances between 1,000 to 10,000 ETH: $2,196 per ETH
- Wallets holding between 10,000 to 100,000 ETH: $1,994 per ETH
- Large holders with more than 100,000 ETH: $1,222 per ETH
It's clear that the larger the wallet size, the lower the average cost basis, suggesting these holders have a stronger profit buffer and can weather market volatility more easily. This average cost basis serves as essential support and resistance levels for market participants.
Now let's dive into the latest signals flashing from ETH. A month ago, ETH dipped below its realized price, around the $2,000 region. Back then, we reported that ETH holders in loss territory could either panic-sell or engage in aggressive accumulation for strong recoveries. Fast forward to now, and ETH has rebounded robustly over the past four weeks.
Currently, ETH's closest realized price zone to its at-press-time price of $2,500 (down 3% in the past 24 hours) stands at $2,225, as analyzed by Blitzz. If ETH continues to slide and eventually drops below this level, there could be two possible outcomes. However, analysts believe that the odds favor ETH remaining bullish for a few reasons.
Firstly, funding rates across major exchanges have remained mildly positive, signaling a bullish sentiment across the market. Secondly, Ethereum investors have been withdrawing huge amounts of ETH from centralized exchanges, withdrawing over $1.2 billion in ETH over the past week.
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Let's keep a close eye on ETH and these cost basis levels as they could play a significant role in determining the crypto's future movements in the market.
[1] https://cryptoquant.com/explorer/addresses/balance/exchange[2] https://cryptoquant.com/exchange-realized-value-to-spot[3] https://defi.cryptoquant.com/data
Sources:- Ethereum Surges 47% in 48 Hours, Defying Negative Market Sentiment as it Crushes Bitcoin- Cryptocurrency Exchange Binance Hits Record High Market Share During Q2 Earnings Leap- Decentralized Finance App Compound Doubles Total Value Locked in Past Month Amid Record Breaking Growth
- Crypto investors should be aware of the average cost basis for Ether (ETH) holders, as it serves as essential support and resistance levels for market participants, with larger wallet sizes having a lower average cost basis and a stronger profit buffer.
- According to CryptoQuant's report by pseudonymous analyst Blitzz, wallets holding between 100,000 to 1,000 ETH have an average cost basis of $2,225 per ETH, while wallets with balances between 1,000 to 10,000 ETH have an average cost basis of $2,196 per ETH.
- If Ether (ETH) continues to slide and eventually drops below its realized price zone of $2,225, there could be two possible outcomes, but analysts believe that the odds favor ETH remaining bullish for a few reasons, including mildly positive funding rates across major exchanges and large amounts of ETH being withdrawn from centralized exchanges.
- In the crypto trading and investing world, technology plays a crucial role, especially in platforms like CryptoQuant that provide on-chain analytics, helping investors make informed decisions based on important factors like the average cost basis for major cryptocurrencies such as ETH.
