In recent weeks, Ethereum’s price trajectory has been somewhat wavering. Despite the promising surge in early May, the leading altcoin has been oscillating between the $2,500 and $2,700 zone. While Ethereum managed to hover above the $2,600 mark for most of last week, a significant market downturn on June 6 saw a dip towards $2,400. However, the weekend brought some recovery, with Ethereum reclaiming the $2,500 level.
The key to Ethereum’s price performance seems to lie in a particular Binance metric. An on-chain analyst known by the pseudonym Crazzyblockk shared a Quicktake post on the CryptoQuant platform, highlighting Ethereum’s intriguing price behavior around the $2,392 level last Friday. According to Crazzyblockk, this is no arbitrary phenomenon—it coincides with a critical on-chain metric: the realized price of Binance user deposit addresses.
The ETH Realized Price metric, which tracks the average cost basis of holders across various segments, is the driving force behind this on-chain insight. The segments include Binance User Deposit Address, OKX User Deposit Address, Addresses Frequently Received From CEX, and Highly Active Addresses. The realized prices across these categories are as follows: Binance User Deposit Address – $2,392; OKX User Deposit Address – $2,706; Addresses Frequently Received from CEX – $2,532; Highly Active Addresses – $2,513.
As observed during the recent dip, the $2,392 realized price acts as a significant on-chain support level—it’s the cost basis for many Binance user deposit addresses. This price level’s recovery indicates the influence of Binance user behavior on Ethereum’s current market structure, explained Crazzyblockk.
The analyst further emphasized that Binance, with the highest ETH reserves among all centralized exchanges and a dominating presence in ETH on-chain movement, has a pivotal role in the global market. Hence, the realized price of Binance user deposit addresses ($2,392) becomes a critical reference point in Ethereum’s market dynamics. This level should be taken into account when making financial decisions concerning Ethereum.
If Ethereum’s price stays above $2,500, the majority of investors will be in profit, reducing the market’s downward pressure. Conversely, a drop below $2,500 might lead to a wave of unrealized losses for Ethereum holders, potentially triggering a sell-off and increasing downward pressure. At the moment, Ethereum’s price is approximately $2,523, showing a modest 1.12% rise in the last 24 hours.
