Ethereum To $3,400? On-Chain Shows No Big Hurdles Ahead 🚀
On-chain data suggests that Ethereum currently faces no dominant resistance levels until $3,417, thereby opening up the possibility for ETH to reach this mark. According to Glassnode, the Cost Basis Distribution indicates that Ethereum has broken through significant supply levels of $2,700, $2,740, and $2,760.
These levels serve as important thresholds due to supply concentration and investor reactions, potentially shifting from resistance to support. Glassnode notes that investors, who accumulated during consolidation, now form a strong support zone.
The Ethereum supply ahead is spread more uniformly, with levels populated by 200,000 to 400,000 ETH at every $50 gap until $3,417, which holds around 607,950 ETH.
Ethereum's price has briefly risen above $2,830 but has since pulled back to $2,780. The response in the $2,800 to $3,300 range will be crucial for ETH's path to $3,417.
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