Why Ethereum Lacks Support At $2,000, Chainalysis Report Shows

By Samyuktha Sriram4 days ago


Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap, reached an all-time high of $2,151 earlier this week but has struggled to find support above $2,000.

What Happened: According to a market intel report from Chainalysis, the cryptocurrency’s cost curve suggests that Ethereum’s peak price has a narrower base of support than Bitcoin (CRYPTO: BTC)’s peak price. The strongest level of observed demand for Ethereum (ETH) was at $1,800.

Chainalysis chief economist Philip Gradwell analyzed the cost of acquiring data for the digital asset to determine the demand, and thereby support, at different price ...

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