Ethereum’s price nears the $2,800 mark, raising concerns about potential selling pressure from investors holding their positions at a critical breakeven point. This could trigger liquidations and impact overall market trends. On-chain data from Glassnode reveals that approximately 2.27 million ETH are currently aligned with the average cost basis of $2,767, creating a high risk of sell-offs as prices approach this crucial level. Glassnode experts predict increased selling pressure in the coming days. The potential market impact stems from investors’ significant investment costs concentrated around this price point. This phenomenon is further amplified by the recovery of Ethereum’s price after its sharp decline from $3,800 to near $1,600. Positive correlation between ETH prices and broader market improvements in indices like the S&P 500 and Nasdaq has also helped fuel price recovery. However, future projections depend on Ethereum’s ability to surpass resistance levels at $2,600-$2,800. If successful, this will indicate potential for further gains. However, if failed, it could signal a continued downwards trend. For investors, this critical price juncture and its influence on market sentiment requires attention as the future of Ethereum’s performance is closely tied to the stability above these levels.