Ethereum’s recent price movement reveals a lack of strong support around its current price level. Many investors are tentative about re-engaging at these levels. The cost basis distribution of Ethereum shows minimal buying interest around the current price. There is no activity to speak of from the addresses that hold Ethereum at a $1.8K cost basis. The addresses that would need to show activity for there to be any belief that Ethereum’s current price level has a strong support underpinning just aren’t doing anything. They are sitting on their hands. Insights gained from cost basis distribution tell us a lot
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