The Ethereum price remains locked in a tight trading range between $1,548 and $1,599. This indecision is evident in on-chain analytics, where nearly 793,900 and 732,400 ETH are currently held within these boundaries, signaling a market struggle for bullish or bearish control. However, the focus has shifted to a newly formed support zone around $1,461. Glassnode reports that a significant amount of ETH—approximately 380,000 units—has been accumulated at this level. 380,000 ETH is accumulating as a potential defense for Ethereum price in the near term. This accumulation may act as a safety net against further downside. Although the overall market remains cautious, these large holdings around critical price levels often suggest that investors are positioning themselves for a potential rebound or at least near-term stability.