Ethereum: Is Selling Pressure Building Near $2,800?

After a strong rally in recent weeks, Ethereum has surged past $2,500, exceeding its previous highs. This surge is attributed to expanding DeFi applications and increased institutional interest. However, the price may be approaching a crucial resistance point at around $2,800. On-chain data suggests a cluster of investor cost basis levels in this region. Many holders who previously bought at this level are now in profit and could sell for break-even, potentially amplifying selling pressure. 📈