Glassnode: ethereum has a small supply gap in the $1,900-2,200 range, and a short-term rally to $2,200 resistance is reasonable
On 12 March, Glassnode posted data on social media stating that ETH's cost basis distribution shows where potential short-term support levels could form. While the price of ETH briefly fell below the major accumulation area of $1,880, addresses at that level have largely failed to respond to this decline, with a new accumulation range appearing at $1,900 (600,000 to 700,000 ETH).
This suggests that if ETH consolidates at current levels, $1900 could become support. Above that, $2200 (465k ETH stacked) is potentially the next resistance level. the supply gap between $1900 and $2200 is still relatively small, which makes it reasonable for ETH prices to rise to resistance in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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