Ethereum Faces Pressure as It Drops Below Key Support Levels — Only Mega Whales Still in Profit

Ethereum (ETH) investors are facing mounting pressure as the cryptocurrency slips below several crucial support levels. On-chain data now reveals that Ethereum has fallen beneath the average cost basis for nearly every major investor group—except for one.

According to a recent CryptoQuant Quicktake post by analyst MAC_D, Ethereum’s only remaining cushion may come from its wealthiest backers: the mega whales.

What Is the Realized Price — And Why Does It Matter?

To understand the significance of this drop, it’s important to grasp the concept of Realized Price. This on-chain metric tracks the average acquisition price for different investor cohorts, essentially revealing whether holders are in profit or loss.

• If Ethereum’s spot price is below the Realized Price for a cohort, it means that group is, on average, holding at a loss.
• If the spot price stays above, the group is in net profit.

These levels are not just technical indicators—they reflect real investor sentiment and influence buying or selling pressure.

Ethereum’s Breakdown: Support Levels Are Falling One by One

Throughout 2024, Ethereum had maintained strength at several key Realized Price levels, particularly among retail and mid-sized investors. But as of early April 2025, ETH has now broken below almost all major cost basis thresholds. This marks a potentially bearish shift in momentum.

The one group still holding strong? Mega whales—the entities with massive ETH holdings who generally exhibit long-term conviction and market influence.

According to MAC_D’s analysis, Ethereum is now hovering dangerously close to the Realized Price of these mega whales, which is acting as a last line of defense before further downside could be triggered.

Why This Matters for the Ethereum Market

This scenario sets up a critical juncture for Ethereum:

• If ETH holds above the mega whale Realized Price, it could signal a potential rebound zone, as these large holders may begin accumulating more.
• If ETH breaks below this level, it could trigger broader capitulation, as even the deepest pockets would slip into unrealized losses—fueling negative sentiment across the board.

This also ties into broader macro trends, including capital rotation away from risk assets and renewed interest in alternative hedges like Bitcoin, stablecoins, or even traditional commodities.