Ethereum’s price recently experienced a sharp drop, sending shockwaves through the crypto market and raising concerns among holders. As larger cryptocurrency markets plummeted along with Bitcoin, Ethereum saw particularly drastic lows. Many investors now face losses as their holdings are below their purchase prices, highlighting substantial capital erosion across the network. 100,000+ ETH holders hold an average cost basis of $1,290, a level that acts as a strong support point, potentially acting as a floor for Ethereum’s price if it continues to fall. Despite this dip, historical data offers some hope: previous market downturns, like the Luna crisis and similar drops in 2022, saw Ethereum rebound, even hitting lows of $870. This suggests that stability is possible. However, trading volume surged by 552% during the day, with a market cap of $186.13 billion, indicating increased selling pressure. Technical analysts have identified the realized price as a key indicator for Ethereum’s current downturn. Ethereum’s price remains below the realized price, leading many investors to incur losses. However, some believe a bounce is possible, with major whale activity raising eyebrows. A recent large buy by a whale with $47 million in leverage suggests a potential market reversal. This could trigger further buying, potentially leading to an upward shift in ETH prices.