Glassnode: It is reasonable for Ethereum to rebound to the resistance level of 2200 US dollars in the short term
Glassnode posted data on social media stating that the cost basis distribution of ETH shows potential positions for short-term support. Although the price of ETH briefly fell below the main accumulation area of $1880, addresses at this level hardly responded to this decline, and a new accumulation range appeared at $1900 (600,000 to 700,000 ETH).
This suggests that if ETH consolidates at its current level, $1900 could become a support position. The upper resistance point is potentially at $2200 (accumulating 465,000 ETH). The supply gap between $1900 and $2200 remains small which makes it reasonable for the price of ETH 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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