NewsBTC
Mar 16, 2025

Ethereum Price Shows 5% Gain Amid Downtrend; Support at $1,886

2 min

The Ethereum (ETH) market has risen over 5% in the past 24 hours, but remains down 11.17% over the last week. Analytics platform Glassnode identified a potential short-term support level at $1,886.

Key Insights from Glassnode

  • Glassnode's analysis highlights a critical price zone at $1,886 based on the Cost Basis Distribution (CBD) metric.
  • Investors' supply at this level increased from 1.6 million ETH to 1.9 million ETH, indicating an accumulation of 300,000 ETH.
  • This suggests many investors see $1,886 as a significant price point, likely increasing their holdings to prevent further decline.
  • The CBD aligns with Glassnode's capitulation metric that captures price capitulation events.
  • Short-term support is indicated, but overwhelming selling pressure could lead to price capitulation below this level.

Current Market Overview

Ethereum is trading at $1,924 with a daily trading volume of $12.91 billion, down by 29.29%. The Relative Strength Index suggests a potential oversold condition. Resistance levels are noted at $2,249, $2,539, and $2,829, while a drop below $1,886 could see prices fall to $1,650 or $1,132.