Glassnode: If ETH consolidates at the current level, $1,900 may become a support level
This article is machine translated
Show original
Odaily reports that according to data released by glassnode on , the cost basis distribution of ETH shows potential areas of short-term support. While the price of ETH briefly fell below the major accumulation area of $1,880, the addresses at this level have not responded significantly to the recent decline, and a new accumulation range has emerged at $1,900 (600,000 to 700,000 ETH). This suggests that if ETH consolidates at the current level, $1,900 may act as a support. The next potential resistance level is $2,200 (465,000 ETH). The supply gap between $1,900 and $2,200 remains relatively small, making it reasonable for the ETH price to rise to the resistance level in the short term.
Sector:
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share
Relevant content