Glassnode: If Ethereum Can Maintain Key Support Level, Technical Indicators May Challenge $3420

Glassnode Reports Ethereum Breaks One-Month Consolidation

Blockchain data analysis firm Glassnode stated on the social platform X on Wednesday that Ethereum (ETH) has just broken through a one-month consolidation range. The Cost Basis Distribution data indicates that approximately 1.3 million ETH have a holding cost in the range of $2,700 to $2,740, while around 800,000 ETH have a holding cost of $2,760. These investors entered during the consolidation period, which may now form a strong support zone.

Source: Glassnode

Glassnode further noted that the cost distribution above the current price is relatively uniform. Within the price range of $2,760 to $3,420, there are approximately 200,000 to 400,000 ETH distributed in each $50 interval. There is no significant pressure zone before $3,417, while about 608,000 ETH holding costs are concentrated at that price level.

Glassnode analysts believe that if Ethereum’s price can maintain the support zone between $2,700 and $2,760, it is technically likely to challenge $3,420. The reaction of holders in the $2,800 to $3,300 range will determine the speed of Ethereum’s increase.

As of the publication of this article, Ethereum is trading at approximately $2,766, reflecting a 24-hour increase of about 2.7% and a weekly increase of approximately 4.7%.