- The Ethereum price to prolong its consolidation within the formation of a symmetrical triangle pattern.
- Ethereum’s long-term holders have an average cost basis clustered between $2,700 and $2,800.
- On Thursday, January 8th, the spot ETH ETF recorded a total outflow of $159.2 million across its U.S. based providers.
ETH, the native cryptocurrency of the Ethereum blockchain, recorded a short downtick of 0.68% during the Friday’s U.S. trading session to reach $3,083. The broader market pullback and substantial outflows from U.S.-based spot ETH ETFs are currently fueling the bearish momentum in price, raising the risk of $3,000 breakdown in near future. However, the recent on-chain data shows that ETH’s accumulating addresses realized price has recently stabilized around $2.7k–$2.8k range, effectively forming a structural cost zone for this asset.
ETH Accumulator Cost Base Remains Firm Despite Market Volatility
According to a shared analysis from crypto quant analyst Kripto Mevsimi, the average cost of acquisition from Ethereum accumulator has currently stabilized around the $2,700-$2,800 range. This number is the average entry point for addresses that accumulate ETH overhead and are not involved in short-term trading.
Since 2020 this metric has shown a consistent upward move, holding steady through major corrections in the market, most notably in 2022 and 2023 when spot prices were falling sharply but long-term participants held firm without a general selling off.
Currently, the Ethereum price wavers around $3,084-$3,100, positioned roughly 10-15% above the established accumulation band. The metric itself is an indicator of conviction among the committed rather than something for identifying cycle highs or lows.
In comparison to Ethereum, many other altcoins have not been able to find a similar stable cost foundation in recent years, adding to the sharper declines and duller comebacks in those assets.
Historically, this accumulation cost zone has been able withstand several downturns during ETH’s cycle, including the events of 2018 and 2022. However, the constant dynamics of the market cast doubt on the sustainability of the current pattern, especially if the pressure persists for a prolonged period and pushes prices out of the band, which could lead to a change in the behavior of the holder.
Ethereum is still trading in a relatively tight range in early January with the focus turned to if $2,700-$2,800 becomes a continued underlying support amid the larger volatility.
Ethereum Price Coiling For Major Breakout
The daily chart analysis of Ethereum price shows an ongoing consolidation trend since November 2021. The consolidation trend is effectively resonating between two converging trend lines, indicating the formation of a traditional continuation pattern called Symmetrical Triangle Pattern.
In the last 72 hours, the Ethereum price has plunged from $3,295 to current trading price of $3,083, registering a loss of 6.42%. This downturn indicates another bear cycle within the triangle pattern, suggesting a continued lateral trend ahead as broader market uncertainty persists.
With sustained selling, the Ethereum price is poised for an additional 6% drop in value to re-challenge the pattern’s bottom trendline at $2,890. The coin price holding below the key exponential moving average 50, 100, 200 reinforces the bearish sentiment in the market, suitable for a prolonged downtrend in price.
If the breakdown materializes, the coin price could extend its downtrend towards the next significant support of $2,600.
On the contrary, note, if the coin price manages to breach the upper trendline of the triangle, the Ethereum price would gain its early sign of recovery.
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