Summary
- "There is an opinion that as Ethereum (ETH) breaks out of a month-long sideways range, $2,700~$2,760 can serve as a strong support level."
- "According to Glassnode, 1.3 million ETH was purchased in the $2,700~$2,740 range and 800,000 ETH in the $2,760 range."
- "They stated that if the support level holds, Ethereum could rise to $3,420."
Ethereum (ETH) has broken out of a month-long sideways range, and there is an opinion that $2,700~$2,760 will serve as a strong support level.
On the 11th (local time), Glassnode stated on X (formerly Twitter), "Ethereum has exited a month-long sideways range," adding, "According to Cost Basis Distribution (CBD), 1.3 million ETH was accumulated in the $2,700~$2,740 range and 800,000 ETH was purchased in the $2,760 range."
They further stated, "A strong support level may form around this price zone," adding, "If this support holds, the price could rise to $3,420."
As of 7:15 PM, based on Binance USDT market, Ethereum is trading at $2,765, up 2.62% compared to 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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