Ethereum’s Price Dive: Will Whales Stabilize Prices Above $1.29K Support?

Ethereum is currently trading below its average purchase price of $2,200, according to CryptoQuant’s on-chain data. This drop aligns with the prevailing bearish market sentiment and signals losses for many investors as prices decline similar to past market corrections. Analysis suggests a significant support level at $1.29K for Ethereum, held by large whales (addressing holding over 100K ETH). This level coincides precisely with their realized price and has historically acted as both a psychological and financial benchmark for investors. 1.29K acts as a critical orange line that could prevent a deeper market crash.