ETH falls below the $2650 mark

BlockBeats News: On May 18th, according to SnowTrace data, the number of transactions on the Avalanche network jumped to 12.35 million on May 15th, setting a new historical high. Among them, the number of transactions on Avalanche C-Chain reached 890000 on the same day, setting a new historical high. The number of active addresses for Avalanche in May reached a historic high of 1.95 million, with 648000 active addresses yesterday, including 427000 active addresses for Avalanche C-Chain. The recent activity is mainly driven by the increase in users and NFT transactions brought by the blockchain game MapleStory Universe.

At present, BTC is forming a cross star on the 2-hour cycle K-line, and the market sentiment is uncertain. The distribution of member chips shows that there is a significant concentration of chips near 103000, with strong support and only 0.10% from the current price, indicating limited downward space. Combined with the MACD golden cross signal, upward momentum is accumulating. Meanwhile, the price continues to run above the EMA24 and EMA52 moving averages, with RSI breaking through the upward trend line and the bullish pattern remaining unchanged. The distribution of chips reveals that 104000 is a recent resistance, but the probability of breakthrough is relatively high. Open membership to unlock core chip distribution, grasp the main trends, and accurately predict turning points! The data is sourced from the PRO member's [BTC/USDT Binance 2-hour] candlestick, for reference only, and does not constitute any investment advice.

According to OpenSea data, CryptoPunk 3609 was sold 3 hours ago for 440 ETH (approximately $1.087 million). This NFT is one of 88 Zombie Punks and was last sold two years ago for 420 ETH.

According to BlockBeats, on May 18th, according to the website of the Salvadoran Ministry of Finance, Salvador increased its holdings of one Bitcoin this morning. Currently, it holds 6180.18 Bitcoin, worth over 638 million US dollars. In the past 7 days, it has increased its holdings by 8 bitcoins, and in the past 30 days, it has increased its holdings by 31 bitcoins, still maintaining its daily plan of buying 1 bitcoin. It is worth noting that in recent months, the International Monetary Fund (IMF) has been pressuring El Salvador to stop accumulating decentralized value storage assets. In December 2024, El Salvador reached an agreement with the International Monetary Fund to obtain a loan of $1.4 billion. As part of the agreement, the Salvadoran government has agreed to revoke BTC's legal tender status in the country and reduce public sector participation in Bitcoin. On April 27th, Rodrigo Valdes, Director of the Western Hemisphere Department of the International Monetary Fund (IMF), stated at a spring meeting press conference that El Salvador is still adhering to its commitment to no longer accumulate Bitcoin in the overall fiscal sector, which is a key performance indicator reached between the country and the IMF.

According to BlockBeats, on May 18th, on chain data analyst Murphy published an article analyzing the cost base distribution of ETH in the past six months. There is a million level chip accumulation area, and if ETH continues to rise, it will need to cross three key nodes. ETH needs support around $1500 to $1600, which is the position that Whale established 2 years ago. Although it has been partially sold over time, nearly 1.2 million ETH still remain at this position and are firmly held. If the support level is breached, it may drop below $1200 and turn these 1.2 million ETH chips into a lock up. Currently, it appears that this level has been safely passed. The first strong resistance level for ETH after rebounding from $1500 is between $1800 and $1900, which was the position where Giant Whale established its position in June 2023. Nearly 2 million ETH still remain to this day, and it appears that ETH has broken through at this level. And so far, there have been no obvious signs of reducing holdings of chips in the above two cost ranges, indicating that whales are not satisfied with the current prices; ETH has accumulated nearly 4.7 million high volume chips in the range of $2700 to $2800, and is currently in a floating loss state. But the holders of these chips are obviously staunch believers. They started holding ETH at a high of around $3500 in January 2025, and then the price continued to decline and replenish their positions, finally reducing the average cost to around $2700 to $2800. If ETH can successfully break through this position, there will be no obvious concentrated area of trapped disks above. From the data, the biggest selling pressure currently comes from nearly 2.27 million ETH that have opened positions around $1800. As the price rose to $2600, they gradually sold, and as of May 16th, there are still 1.01 million ETH left. This analysis is only for learning and communication purposes and is not intended as investment advice.