I am the judge of the cryptocurrency circle, let’s get straight to the point:
Ethereum has done something significant recently—it has broken through the critical cost basis wall! What is the cost basis wall? Just look at this heat map: the red and yellow areas represent the buy-in cost zones for a large number of ETH holders, which is the dense price area where they initially entered the market. Now that the ETH price has broken through these areas, what does it mean?
In simple terms, those who bought in at these high levels are finally recovering their costs or even starting to make a profit now (the wallet profit ratio has soared)! Once the price breaks through the cost dense area, the selling pressure that might have existed due to recovering costs will significantly decrease—after all, no one is in a hurry to sell right after getting out of a loss; instead, they might continue to hold for even higher returns.
Now let’s look at the transition from green to red on the heat map, which is a typical accumulation zone, indicating that smart money is quietly accumulating at lower levels. Currently, ETH is not being pressured down by resistance, but has directly torn through the resistance zone and is surging upwards! More importantly, the current holders of ETH are very stable, with no signs of large-scale selling.
My personal judgment: if this state of "breaking resistance + holders being as steady as a rock" continues, it is a very strong bullish signal! We must closely monitor the subsequent trends; this wave might not be just a small disturbance. #ETH is proving with action that it may be about to embark on a significant market movement.
