Ethereum Faces No Major Resistance Until $3,417 According to On-Chain Data

On-chain data indicates Ethereum lacks significant resistance until reaching $3,417, potentially facilitating upward movement.

Ethereum Cost Basis Distribution Analysis

Glassnode's recent analysis highlights the current Cost Basis Distribution for Ethereum:

Key price levels include $2,700, $2,740 (1.3 million ETH), and $2,760 (800,000 ETH).
Investors may sell when price retests their cost basis, leading to potential resistance at these levels.
Previously, Ethereum struggled below these zones for a month but has now reclaimed them.
The roles of $2,700, $2,740, and $2,760 could shift to support due to bullish sentiment from holders.
Support may arise as holders view price declines as buying opportunities or aim to protect their investments.
Future supply distribution shows no strong clusters until $3,417, with 200,000 to 400,000 ETH concentrated at each $50 level below this mark.

Glassnode states if the $2,700–$2,760 range holds, the path to $3,420 remains open. The response from holders in the $2,800–$3,300 range will influence the pace of ETH's ascent, which is currently 47.5% up quarter-to-date.

Current ETH Price

Ethereum briefly surpassed $2,830 recently, but has retraced to $2,780.