Critical Support Level for Ethereum: 2,900 Dollars

Ethereum (ETH) investors are attracting attention with recent price movements, while investors are making large savings. In particular, the average realized price of Ethereum accumulation addresses rose to $2,900, causing this region to be considered as a strong support area.

According to data shared by analyst Burak Kesmeci from CryptoQuant, the recent increase in the price of Ethereum is in line with institutional purchases, especially after the Exchange Traded Fund (ETF) approval. On-chain analysis shows that this level could be an important point of defense in the coming days, as the average cost at the addresses where investors are accumulating long-term savings has increased from $1,700 to $2,900.

Currently, the total amount of Ethereum collected at the accumulation addresses has reached 27.6 million ETH. Such a large accumulation by investors reflects a high level of confidence in the medium and long-term prospects of the market. Analysts are of the opinion that if the Ethereum price retreats to the support level of $2,900, the selling pressure below this level may remain limited.

The Exchange Traded Fund effect also stands out as one of the important factors supporting Ethereum prices. If ETF-driven institutional buying continues, it may become difficult to go below the $2,900 level. However, it is stated that in a possible bearish scenario, this critical region may serve as the "last stronghold" for investors.