How Did Ethereum Whales Behave In The Recent Drop? What Is The Most Critical Level To Follow For ETH? Glassnode Revealed!

One of the biggest losers in the correction in Bitcoin and altcoins is undoubtedly Ethereum (ETH).

As the Ethereum price retreated to the 2,000 dollar levels, expectations increased ahead of the White House Crypto Summit on March 7, pushing the ETH price to the 2,300 dollar levels.

While Ethereum exhibits volatile movements, on-chain analytics firm Glassnode has revealed what ETH investors have been doing during the recent price fluctuations.

Glassnode said Ethereum investors actively manage their positions, buying the dip to lower their cost basis.

After soaring to $2,500 before the recent drop, Ethereum pulled back to $2,050, a level seen in November 2023.

According to Glassnode data, Ethereum investors with a starting cost base of $3,500 were reported to have sold during the month of February, but later bought the dip re-entering at $2,500 and $2,050.

Glassnode said that at this point, investors reduced their cost bases by 10% to $3,200.

Additionally, Glassnode said that there is a significant resistance area around the 2,800 dollar level where investors have accumulated approximately 800,000 ETH. This also indicates that if Ethereum's price recovers, $2,800 will be a critical level for investors to watch.

Indicates an Increase for Ethereum!

Blockchain analytics firm Santiment evaluated Ethereum. Santiment said that the downward trend on social media indicates a potential rise for ETH.

According to Santiment, Ethereum sentiment has fallen to its lowest levels of the year, lagging behind other top cryptocurrencies in terms of market value. However, Santiment noted that the deteriorating sentiment on social media for ETH is a positive sign and indicates a potential reversal in price.