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Analyst: ETH is testing the key support level at $2,340. The price movement may determine the dividing line between bulls and bears.
BlockBeats News, April 23 — Analyst Ali Charts posted that ETH is currently testing a key level that has historically distinguished between bear markets and macro expansion phases. ETH is currently trading near its realized price of approximately $2,340, which represents the average cost basis of all on-chain investors.
Historically, during market recovery phases, the realized price often acts as a “sell wall,” with investors inclined to sell and break even at that level. However, once this level is successfully converted into support, ETH typically enters a high-confidence expansion phase.