Classic bottom? ETH reaches the realized price of $2.8K as the whales accumulate

Ethereum briefly fell to $2,872, marking a key support zone on the chain that analyst MAC_D says looks like a “classic bottom.”

Ethereum (ETH) briefly hit a critical low of $2,870 on Wednesday, testing a key on-chain support level that has historically marked a market bottom.

According to an on-chain assessment by analyst MAC_D, this price point represents a cluster of the ‘realized price’ for both retail and large-scale investors, indicating a potential base for a recovery is being formed even if smaller portfolios sell out.

Realized price cluster at $2.8K marks “classic bottom” zone

In their latest report on CryptoQuant, MAC_D noted that such realized price zones have often historically marked key bottom areas as long-term investors step in while short-term traders exit.

The market technician pointed out that the last drop below $2,900, driven by risk sentiment before Nvidia’s earnings report, was followed by a quick recovery after the chipmaker beat expectations, sending both US stocks and crypto higher.

At the same time, there is a clear divide in behavior, with smaller portfolios selling into weakness, while whale portfolios holding over 10,000 ETH continue to accumulate as prices fall. According to the expert, this shift in supply from impatient traders to larger long-term players is also typically observed during late-stage bottom formation.

Furthermore, liquidation data also points to waning pressure from foreclosures. MAC_D highlighted that each new local low is now accompanied by a much smaller wave of long liquidations, suggesting that over-indebted bulls may already have been washed away.

Meanwhile, the short position has grown, meaning even a modest rebound could squeeze out bears in what remains a relatively lean order book environment.

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High leverage and important liquidity zones

In the market, Ethereum’s performance has been challenging. While the current value of around $3,020 per CoinGecko represents a slight decline of 1% in the past 24 hours, the price is down almost 15% in the past week and as much as 22% in the past month.

At the same time, the asset’s estimated leverage ratio (ELR) on Binance recently hit a record 0.5617, while its price hovered in a tight band around $3,000. And with both long and short traders flocking in while the market remains relatively flat, Arab Chain experts warned that the market is “building internal pressure” and increasingly susceptible to a violent break in either direction.

Observers also see nearby pockets of liquidity as potential magnets for the next move. Analyst Crypto Patel noted on November 19 that Ethereum had confirmed a “structural break” at $2,940 but identified a zone of price inefficiency, known as a “Fair Value Gap,” between $3,270 and $3,360. They estimate that a move to fill this gap would require a 14 to 15% increase over current levels.