Ethereum Price Performance Could Hinge On This Binance Metric — Here’s Why
Ethereum price has struggled to maintain bullish momentum, fluctuating between $2,500 and $2,700. A recent market downturn caused the price to drop to $2,400 on June 6, but it has since reclaimed the $2,500 level. An on-chain analyst noted significant reactions around the $2,392 price level, linked to the realized price of Binance user deposit addresses. The ETH Realized Price metric indicates average cost bases for various holder cohorts, with Binance's realized price at $2,392, making it a key support level. Binance's dominance in ETH reserves influences market behavior. Staying above $2,500 keeps most investors in profit, reducing sell-off pressure; a drop below this level could trigger losses and increased selling. Currently, Ethereum is priced at approximately $2,523, up 1.12% in the last 24 hours.
