⚖️ Ethereum’s Next Move May Depend on One Binance Metric — Are You Watching It?
An on-chain expert named Crazzyblockk said that the Ethereum price did something intriguing around the $2,392 mark on Friday. The crypto expert said that this response wasn't random since it happened at a major on-chain level, which is the realized price of Binance user deposit addresses.
The ETH Realized Price metric is the most important one for this on-chain observation. It shows the average cost basis of holders across different groups, such as the Binance User Deposit Address, the OKX User Deposit Address, Addresses Frequently Received From CEX, and Highly Active Addresses.
Crazzyblockk pointed out the realized values for each group. For example, the Binance User Deposit Address had a realized price of around $2,392, the OKX User Deposit Address had a realized price of $2,706, the Addresses Frequently Received from CEX had a realized price of $2,532, and the Highly Active Addresses had a realized price of $2,513.
How Binance affects the whole market. The crypto expert said that Binance has the most ETH reserves of any centralized exchange and is the most powerful player in ETH on-chain migration.
The researcher came to the conclusion that the realized price of Binance user deposit addresses ($2,392) is an important threshold to keep an eye on in ETH's market structure. Because of this, this level should always be kept in mind while making financial choices concerning Ethereum.
Lastly, if Ethereum's price continues over $2,500, most investors will make money, which will take some of the negative pressure off the market since investors are less inclined to sell while they are making money. On the other hand, if the price drops below $2,500, the holders of the cryptocurrency might lose a lot of money, which could cause a sell-off and, as a consequence, further downward pressure.
