On-chain data provider IntoTheBlock has recently highlighted the significant support level that Ethereum (ETH) has established at $4,000. Analysis of on-chain metrics indicates that approximately 7.2 million ETH, representing a substantial portion of the circulating supply, was acquired at an average price just below $4,000. This suggests that a significant number of market participants believe that this level represents a favorable buying opportunity. The formation of strong support at $4,000 is a positive sign for the health of the ETH market. It indicates that there is a significant amount of buying interest at this level, which could prevent further declines and potentially lead to a reversal in the short term. Overall, the strong support at $4,000 suggests that ETH may have found a bottom and could be poised for a recovery in the coming weeks and months. Traders and investors should monitor price action closely to identify potential trading opportunities.

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