Ethereum’s $2.9K Secret: Is This the Ultimate Support?

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Oh, Ethereum, you sly fox-after shedding more than 14% of its value since September 13, it’s now playing the role of the misunderstood underdog. 🤡 The second-largest crypto is in a *very* dramatic corrective phase, which basically means it’s taking a timeout after weeks of wild price surges that made it feel like the life of the party. But here’s the twist: analysts are more optimistic than a toddler on a sugar rush, convinced ETH will bounce back once it’s done being a drama queen. 💸

CryptoQuant is here to save the day (or at least provide a lifeline). It claims that Ethereum’s accumulation addresses are sitting pretty at an average realized price of $2.9K. This is basically the crypto equivalent of a “I told you so” from long-term holders who’ve been hoarding ETH like it’s the last slice of pizza. 🍕 If this level holds, it could act as a superhero cape for ETH, shielding it from further losses and making everyone feel cozy again. 🧠

The corrective phase is also the market’s way of saying, “Okay, let’s take a breath.” Volatility may linger, but ETH’s fundamentals are as solid as a brick wall (if bricks could also be digital). Analysts are already whispering about a recovery, which is basically the crypto version of “trust me, it’ll get better.” 🤷‍♀️

Ethereum Accumulation Levels Signal Critical Support

Enter Burak Kesmeci, the crypto oracle who’s basically the Dumbledore of Ethereum. He says the realized price for accumulation addresses has skyrocketed from $1.7K to $2.9K, which is like watching a toddler grow up in a week. 🎉 This surge shows that long-term holders are as committed as a dog to its owner, raising the cost basis and making everyone feel like they’re in on a secret. 💸

Meanwhile, the total balance in these addresses has hit 27.6 million ETH, which is enough to make even the most stoic investor go, “Wow, that’s a lot of crypto.” 🤯 This massive holding suggests that the market is being held together by a group of investors with more patience than a toddler at a museum. 🧠

Kesmeci adds that even in the worst-case scenario, the $2.9K level could act as a fortress, protecting ETH from further drops. But let’s be real-this is the crypto version of “hope for the best, prepare for the worst.” 🧨 The next few days will test whether ETH’s bulls are as tough as they claim to be. 💪

Testing Critical Support

Ethereum is currently looking as weak as a deflated balloon after its recent decline. 📉 The chart shows a sharp selloff from $4,600 down to $4,100, and now it’s trading around $4,173. It’s like watching a soap opera where everyone’s drama is cringey. 🤢 The 200 EMA at $4,106 is now critical support, and if ETH can’t hold it, we might see a deeper correction that makes your average breakup feel like a picnic. 🍓

The 50 EMA at $4,402 is now sloping downward, which is a bad sign for bulls. Unless ETH can reclaim this level, the bears might take over and turn this into a crypto version of a horror movie. 🧟‍♂️ But don’t worry-the 200 EMA is still sloping upward, which is the crypto equivalent of “keep calm and carry on.” 🧘‍♀️

From a technical standpoint, the rejection near $4,600 created a lower high, which is basically the market’s way of saying, “Not so fast, Ethan.” But if ETH can stabilize above $4,100 and form a base, a rebound toward $4,400 is still possible. However, if it breaks below the 200 EMA, the $3,800-$3,900 zone might become the new “last resort” for desperate investors. 🚨

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2025-09-24 22:25