Ethereum, the 2nd-biggest crypto in terms of market capitalization, has recently expressed a bullish momentum. A CryptoQuant analyst has disclosed that irrespective of a sheer price dip during the last 5 months, $ETH has effectively maintained a critical support level above the realized price. The analyst discussed Ethereum’s current position on the official web portal of the prominent on-chain analytics firm CryptoQuant.
Ethereum is in a bullish trend“#Ethereum hasn't lost the realized price it broke through despite the sharp price decline over the past five months, and the realized price is acting as support.Historically, altcoin bull markets have started when Ethereum is stronger than its… pic.twitter.com/CDiKFldfA5
— CryptoQuant.com (@cryptoquant_com) August 30, 2024
$ETH Expresses a Resilient Position Above Realized Price, Says a CryptoQuant Analyst
In a recent post, the CryptoQuant analyst mentioned that Ethereum has efficiently sustained a level above the realized price. In the crypto market, the realized price serves as a noteworthy metric. Its calculation includes the division of the cumulative token value at their last moved price by the present supply. The respective metric reportedly provides insights into the overall market sentiment.
The Strong Level Above Ethereum’s Realized Price May Lead to an Altcoin Bull Run
In this respect, it indicates the average token price for holding Ethereum. The capability of Ethereum to stay above the token’s realized price amid a time of huge market decline is optimistic. It reportedly points toward resilient underlying support along with significant investor confidence. The respective resilience presents a good outlook as the market onlookers often consider the realized price as an influencing level.
In this respect, it can potentially impact the price movements in the future. The CryptoQuant analyst asserted that often when the position of Ethereum was more robust than the realized price, bull markets had commenced in the altcoin sector.
