[Analysis] "Ethereum (ETH) Forms Support Level Around $1,866... Investor Accumulation Increasing"
Minseung Kang
Summary
- Ethereum (ETH) is analyzed to be forming a short-term support level around $1,866.
- Glassnode revealed that accumulation has increased from 1.6 million ETH to 1.9 million ETH.
- This aligns with the investor capitulation metric, indicating an increasing possibility of bottom formation.
Analysis suggests that Ethereum (ETH) investors are forming a short-term support level around $1,866 as they increase accumulation in this area.
On the 14th, virtual asset (cryptocurrency) analysis platform Glassnode reported through X (formerly Twitter) that "recent Ethereum (accumulation) distribution has increased from 1.6 million ETH to 1.9 million ETH around $1,886," adding that "investors are actively accumulating at this price level, making it likely to become a short-term support level."
Glassnode added, "This movement also aligns with our Investor Capitulation Metric," suggesting that "the possibility of Ethereum forming a bottom is increasing."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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