Ethereum Price Performance Could Hinge On This Binance Metric — Here’s Why

The Ethereum price has struggled to maintain its bullish momentum over the past few weeks, stuck within a consolidation range between $2,500 and $2,700. Despite sitting above $2,600 for most of the past week, the altcoin's value fell toward $2,400 on Friday, June 6, due to a market-wide downturn. However, the price of ETH has managed to reclaim the $2,500 level over the weekend. An on-chain analyst noted that the Ethereum price exhibited an interesting reaction around the $2,392 price level, which is the realized price of Binance user deposit addresses. The ETH Realized Price metric tracks the average cost basis of holders across different cohorts, including Binance User Deposit Address and OKX User Deposit Address. The realized price of the Binance User Deposit Address is around $2,392, which represents a major on-chain support level. The market's bounce from this level highlights the impact of Binance user behavior on ETH's current price structure, with Binance holding the highest ETH reserves among all centralized exchanges. The realized price of Binance user deposit addresses is a crucial level to watch in ETH's market structure, and most investors would be in profit if Ethereum's price stays above $2,500. A drop below $2,500 could result in a wave of unrealized losses for the altcoin's holders, potentially triggering a sell-off and increasing downward pressure. The current price of ETH stands at around $2,523, reflecting a 1.12% jump in the past 24 hours, and investors should consider the $2,392 level when making financial decisions on Ethereum.