GlassNode: If the current market adjustment deepens, ETH could fall to $1890

News on February 28, according to GlassNode analysis, if the current market adjustment deepens, ETH could fall to $1890, a drop of about 10% from the current price. The analysis shows that there is a maximum accumulation below the $1890 price level, with approximately 1.82 million ETH. These tokens were mainly purchased in August 2023, indicating the presence of a group of cyclical investors with firm beliefs.

Through two years' data analysis on ETH cost basis distribution, it was found that these investors not only started accumulating in August 2023 but also further increased their cost basis in November 2024 and participated in the market rebound without massive selling at high points within this range. If ETH prices continue to fall, $2100 will be the next important accumulation level; however, this level only has about half a million ETH which is far less than the main support position in the $1890 area. In addition to this information from past six months' data shows that a group of higher-cost investors (especially around $3500) have been continuously participating in the market as their costs gradually decrease and concentration increases suggesting they may be continually absorbing market supply rather than choosing to exit.