[Analysis] "Ethereum Forms Strong Support at $1,890... A Zone Where 1.82 Million ETH Was Accumulated"
Minseung Kang
Summary
- Glassnode reported that Ethereum (ETH) is forming a strong support line at $1,890.
- 1.82 million ETH has been accumulated in this zone, with investors making confident purchases, according to their analysis.
- In contrast, they analyzed that the support at the $2,100 level is relatively weak.
Analysis suggests that Ethereum (ETH) is forming a strong support line around $1,890.
On the 28th, on-chain virtual asset (cryptocurrency) analysis platform Glassnode stated through X (formerly Twitter), "Ethereum is forming a critical support line around $1,890," adding that "1.82 million ETH has been accumulated in this zone. This is an area where investors with strong conviction have bought, and they still remain in the market."
Glassnode added, "In comparison, about 500,000 ETH has been accumulated at the $2,100 level, but the support is much weaker compared to the $1,890 zone." This suggests that if Ethereum experiences additional decline, the price is likely to be pushed back to $1,890.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
