Glassnode data reveals a potential vulnerability in Ethereum’s price stability. A significant portion of ETH holders currently possess positions near the current market price, with a large percentage holding unrealized gains ranging from 0% to 20%. This concentration creates a heightened risk of selling pressure if prices dip even slightly below their acquisition cost. The analysis highlights the need for caution as these investors hold a substantial amount of ETH susceptible to short-term price fluctuations. While market trends may indicate recovery, this data reveals an inherent structural weakness in Ethereum’s price performance due to this concentrated group. This report provides insights into potential risks for Ethereum holders and market dynamics, urging for vigilance as the market navigates this phase.