Ethereum’s Future Trajectory: 3 Key Price Points Identified by Glassnode

Analysis from blockchain analytics firm Glassnode reveals three critical price levels that could influence Ethereum’s short-term price action. Their investigation into cost basis distribution data highlights significant ETH accumulation at specific price points, potentially forming support and resistance zones as the cryptocurrency consolidates. 822,000 ETH was purchased at $1,546, signifying a major support level. Other notable accumulation areas include $1,598 (725,000 ETH) and $1,457 (408,000 ETH). This data suggests potential buying interest if Ethereum reaches these levels, as buyers aim to secure their positions against losses.