Ethereum’s Sudden Correction From $4,700 Fails To Shake Investor Confidence

After experiencing a notable upward trend, surpassing major digital assets in the crypto market, Ethereum appears to have hit a roadblock, leading to a sudden pullback. ETH’s price may be facing bearish pressure and pulling back to key support levels, but many investors are still bullish on the leading altcoin and its short-term trajectory.

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Ethereum has witnessed yet another bearish day, as its price continues to trade below the key $4,500 price level. In the midst of this waning price action, Glassnode, a leading financial and on-chain data analytics platform, has spotted a lingering positive sentiment among key ETH investors.

The popular on-chain platform identified the behavior from investors after examining the Ethereum Cost Basis Heatmap metric. Presently, the key metric is sending a clear signal of conviction among holders, even as the altcoin pulled back from the $4,700 price level.

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Such a development suggests that market participants are demonstrating significant participation across institutional and retail channels by treating the drop as a strategic entry point rather than withdrawing. It also highlights ETH’s increasing allure as investors show faith in its long-term course despite recent turmoil.

As the leading altcoin lost the $4,700 mark, Glassnode highlighted that it was the notable accumulation observed around $4,400 that helped stabilize the downward move. In other words, this dense cluster of buying activity served as a crucial support against bearish pressures from sellers.

While significant accumulation was observed at around $4,400, the platform noted that part of the supply was quickly redistributed higher. According to the on-chain platform, this action signals a clear swing-trade dynamic across both retail and institutional channels.

ETH’s Surge Stopped At Key Active Realized Price

In another post on the X platform, Glassnode has offered insights into Ethereum’s recent performance using the ETH Realized Price-to-Liveliness Ratio (RPLR). Specifically, this crucial metric measures the fair value of ETH (Realized Price), with the spending and hoarding patterns of long-term investors (Liveliness). 

Data from Glassnode shows that Ethereum’s ascent once again came to a standstill at the +1σ Active Realized Price of $4,700. It is worth noting that the last time ETH’s price visited this level was in March this year, during a broader bullish market wave.

According to the on-chain platform, this level is a critical area of overheated conditions and selling pressure because it has frequently acted as resistance in previous cycles. 

At the time of writing, Ethereum was trading at $4,238, indicating an over 1% decrease in the last 24 hours. Data from CoinMarketCap shows that its trading volume has turned negative, exhibiting a 7% decrease in the past day. A decline in trading volume indicates waning investor sentiment toward the altcoin.

Featured image from Getty Images, chart from Tradingview.com

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